{"id":2074160,"date":"2023-10-20T12:41:02","date_gmt":"2023-10-20T16:41:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-mortgage-rates-jump-to-8-for-first-time-in-23-years\/"},"modified":"2023-10-20T12:44:12","modified_gmt":"2023-10-20T16:44:12","slug":"bidenomics-mortgage-rates-jump-to-8-for-first-time-in-23-years","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-mortgage-rates-jump-to-8-for-first-time-in-23-years\/","title":{"rendered":"Bidenomics: Mortgage Rates Surge to 8% After 23 Years"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidenomics-mortgage-rates-jump-to-8-for-first-time-in-23-years%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2074160&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">Empty chairs are pictured under a \u201cBidenomics\u201d\u200c sign after US President Joe Biden delivered remarks on his economic agenda at Prince George\u2019s Community College\u200c in Largo, Maryland, on September 14,\u200b 2023. (Photo by Jim WATSON \/ AFP) (Photo by JIM \u200dWATSON\/AFP via Getty Images)<\/figcaption><\/figure>\n<h2>OAN\u2019s <a href=\"https:\/\/www.oann.com\/tag\/daniel-baldwin\">Daniel Baldwin<\/a><br \/>9:30 AM \u2013Friday, October\u2063 20, 2023<\/h2>\n<p>The average \u200drate on \u2064the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-how-nebraska-has-the-lowest-unemployment-rate-in-the-nation-gov-pete-ricketts\/\" title=\"EXCLUSIVE: How Nebraska Has the Lowest Unemployment Rate in the Nation: Gov. Pete Ricketts\">30-year fixed mortgage rate<\/a> \u200dreached 8% Wednesday morning, according to <em>Mortgage News Daily<\/em>. That is the highest \u2063mark since the year of 2000.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>This has come after months of rate increases. <em>Mortgage News Daily <\/em>shows that the\u2063 30-year fixed mortgage\u200d rate was below 5% \u200cas recently as last\u200d April. This jump has been coupled with\u200b bond \u2063yields rising due\u200b to interest rate hikes by the Federal Reserve.<\/p>\n<p>The Fed has raised rates in an attempt to \u200ccurb inflation that has plagued the Biden Administration. <\/p>\n<p>Data from Freddie Mac reveals that mortgage rates have risen over the last five consecutive weeks.<\/p>\n<p>This has come after the Mortgage Bankers Association (MBA), National \u200bAssociation of REALTORS\u00ae (NAR), and National Association of Home Builders (NAHB) penned a\u2063 <a href=\"https:\/\/www.mba.org\/docs\/default-source\/advertising\/mba-nar-nahb-fed-rate-path-final-1.pdf?sfvrsn=f3ecbd03_1\">letter<\/a> to the Fed expressing concern over its continual rate increases.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThis has exacerbated housing affordability and created additional disruptions for a real estate market that is already\u200b straining to adjust to a dramatic pullback in both mortgage origination and home sale volume,\u201d the groups wrote.<\/p>\n<\/blockquote>\n<p>The \u2064Trump team <a href=\"https:\/\/x.com\/TeamTrump\/status\/1715023607422677326?s=20\">highlighted<\/a> the difficulty of buying a home in today\u2019s market, citing\u2063 that Americans need to make\u200d more than $100,000 per year to afford a median-priced \u200chome. <\/p>\n<p>A new\u2063 report from ATTOM showed that homeownership\u2062 expenses have become increasingly unaffordable in a staggering 79% of \u200cUS counties. <\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote data-service=\"twitter\" data-category=\"marketing\" data-placeholder-image=\"https:\/\/c3.oann.com\/wp-content\/plugins\/complianz-gdpr\/assets\/images\/placeholders\/twitter-minimal.jpg\" class=\"cmplz-placeholder-element twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Home ownership is now unaffordable in 80% of US counties, per ATTOM.<\/p>\n<p>\u2014 unusual_whales (@unusual_whales) <a href=\"https:\/\/twitter.com\/unusual_whales\/status\/1714270285078151654?ref_src=twsrc%5Etfw\">October 17, 2023<\/a><\/p><\/blockquote>\n<p><script type=\"text\/plain\" data-service=\"twitter\" data-category=\"marketing\" async data-cmplz-src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/div>\n<\/figure>\n<p>Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. <a rel=\"noreferrer noopener\" href=\"https:\/\/www.oann.com\/alerts\" target=\"_blank\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-4\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-4'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\tShare this post!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Sidney Powell pleads guilty\u2063 in the Georgia\u2064 Election Case, the U.S. Navy shoots down a missile from Yemen\u2019s Houthi Rebels and the Jim\u200c Jordan for Speaker\u2062 push continues.<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>This week, the world witnessed a remarkable operation as nearly 300 trapped American citizens were safely flown out of Israel \u200cto Florida amid the Israel-Hamas war. <\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Radical \u2062leftist Hamas supporters gather at the\u200b Capitol led by Representatives Rashida Tlaib and Cori Bush. <\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>As Iranian-backed Hamas launches attacks \u200con Israel, many believe these actions have the fingerprints of another ally,\u200c China. <\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Elon Musk said the social media platform X will soon launch \u2062two new tiers of premium subscriptions.<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Bitcoin jumped on \u200bFriday above $30,000 for first time since July, taking gains for the week past 10%.<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Meta and TikTok have been \u2064given a week to provide details on measures taken to \u200bcounter the spread of terrorist, violent content and hate speech on \u2063their platforms.<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Netflix \u2063increased subscription prices for some \u200dstreaming plans as it shattered\u200b expectations for new customers.<\/h3>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> What are the implications of increasing\u2064 unaffordability in\u200b US counties for homeownership and the overall stability of the real estate market<\/h2>\n<p><span>  Title: Rising Mortgage Rates Reach Highest Level Since 2000<\/p>\n<p>Introduction:<\/p>\n<p>In\u200c a significant development for the real estate market, the average rate on the 30-year fixed mortgage reached\u200c 8% on Wednesday morning, marking the highest rate since the year\u200d 2000, according to Mortgage News Daily. This surge in rates\u2064 follows several months of increases and has been accompanied by <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wall-street-rallies-as-cooling-inflation-eases-rate-hike-fears\/\" title=\"Wall Street rallies as cooling inflation eases rate hike fears\">rising bond yields<\/a>, primarily due to interest rate hikes by the Federal Reserve. These developments\u2064 have implications for both potential homebuyers and the housing market as a\u200b whole.<\/p>\n<p>Rate Increases and Impact:<\/p>\n<p>The 30-year fixed mortgage rate was below 5% as recently as April this year,\u200d as reported by Mortgage News Daily. However, \u200drapid rate escalation since then has raised concerns among industry stakeholders. To \u200ccurb \u2062inflation that has impacted the Biden Administration, the Federal Reserve \u200bhas \u2063implemented rate hikes. \u2064Unfortunately, these actions have contributed to \u2063the current challenges faced by the housing market.<\/p>\n<p>Consecutive Weeks of Mortgage Rate Rises:<\/p>\n<p>Freddie \u2063Mac&#8217;s data reveals that mortgage rates have consistently risen for the past five weeks. This trend is concerning to organizations \u200csuch as the Mortgage Bankers Association (MBA), the National Association of REALTORS\u00ae (NAR), and the National Association of Home Builders (NAHB). These industry groups, expressing their\u200d concerns, collectively penned a letter to the Federal Reserve regarding the continuous rate increases.<\/p>\n<p>Concerns Over Housing Affordability:<\/p>\n<p>The letter from the MBA, NAR, and NAHB emphasizes how the Fed&#8217;s rate increases have exacerbated housing affordability issues. They state that these hikes have\u200d caused disruptions within the real estate market, which was already \u2064struggling to adjust to a significant drop \u200cin mortgage origination and home sale\u2064 volume.<\/p>\n<p>The Trump Team&#8217;s Perspective:<\/p>\n<p>Highlighting the challenges faced by\u2064 homebuyers in today&#8217;s market, \u2064the Trump team raised \u200bconcerns about the \u200cdifficulties of\u200d affording a home. \u200cThey argued \u2064that Americans need to earn more \u2062than $100,000 \u2063per year to afford a median-priced home. These statements highlight the growing unaffordability of homeownership for a significant portion\u2064 of the population.<\/p>\n<p>Increasing Unaffordability\u2064 in US Counties:<\/p>\n<p>A report from ATTOM revealed that homeownership expenses have become increasingly unaffordable in 79% of US counties. This statistic underscores the pressing\u2064 need to address the rising costs associated with owning a home. The affordability crisis is rapidly affecting a vast proportion of the country, \u2063making it \u200ball the \u200dmore imperative to find viable\u200c solutions.<\/p>\n<p>Conclusion:<\/p>\n<p>The surge in mortgage rates to the highest level since 2000 raises concerns about housing affordability and \u200dthe overall\u2064 stability of\u2063 the\u2062 real \u2064estate market. With consecutive weeks of rate rises and increasing unaffordability in numerous counties, it is essential for both policymakers and industry leaders to address\u2063 these challenges promptly. Recognizing the impact on potential homebuyers and\u2063 the economic implications, it is crucial to\u200d find\u200b balanced solutions that address inflation concerns while ensuring accessible pathways to\u200c homeownership.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Empty chairs are seen beneath a &#8220;Bidenomics&#8221; sign following President Joe Biden&#8217;s speech on his economic agenda at Prince George&#8217;s Community College in Largo, Maryland. (Photo: Jim WATSON\/AFP\/Getty Images) OAN&#8217;s Daniel Baldwin reports the average rate.<\/p>\n","protected":false},"author":1209,"featured_media":2074161,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2074160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2074160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1209"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2074160"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2074160\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2074161"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2074160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2074160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2074160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}