By Steve Cortes | Commentary, The Daily Signal
Housing affordability is awful, and it looks set to get worse. Unless, of course, we take corrective action, especially on immigration and war.
Here’s the harsh current reality: Inflation continues to bedevil far too many Americans. Other than owners of substantial assets, wage earners have struggled in this economy for five years, ever since the profligacy of the COVID-19 panic sent prices surging.
Consider the kitchen-table fallout from this inflation. Right now, mortgage rates are rising as U.S. Treasury yields climb. Bond investors worldwide demand higher yields to lend money to America, a country grappling with nearly a staggering $40 trillion in federal debt.
Consequently, here is the math with 30-year mortgages at 6.78% on average nationwide, vs. 3.0% rates that were available in 2021, just before the Bidenomics inflation started to vault higher:
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