US Mortgage Rates Breach 7%

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The Facts

  • The average contract rate on a 30-year fixed-rate mortgage rose to 7.16% for the week ending Oct. 21, up 22 basis points from the week before and the highest level since 2001, according to Wednesday's data from the Mortgage Bankers Association (MBA).

  • Mortgage rates have more than doubled since the start of the year as the Federal Reserve (Fed) has continued its plan of reining in inflation by aggressively raising interest rates.

The Spin

Republican narrative

After nearly two years under Biden, the US economy is being driven into a ditch — a very real phenomenon that the president is blind to, as evidenced not only by his lack of appropriate action but also by his misplaced and reckless spending. The only way out is through a Republican return to power, which looks more and more promising as next month’s midterms approach.

Democratic narrative

Rather than offering tangible solutions, the opposition is playing the blame game, an easy thing to do outside of power. Their proposed solutions are nothing more than unattainable promises — which economists from both sides of the political spectrum have questioned — to score political points.

Political split



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