Mortgage Rates are Nearly 8% – Highest in 23 Years

These media people hoaxed you with the idea that inflation was the biggest problem ever. It was a stupid and unnecessary problem, but it wasn’t nearly as dire as the solution.

RT:

American home loan rates have surged to their highest level in more than two decades, moving close to 8% this week after the Federal Reserve’s aggressive campaign to hike interest rates.     

The average 30-year fixed mortgage rate hit 7.49% on Tuesday for the first time since late 2000, putting a strain on the post-Covid housing market, data from Mortgage News Daily revealed.

Home-purchase applications fell for a sixth week to the lowest level since 1995, as rising costs placed homeownership increasingly out of reach for many Americans, according to the Mortgage Bankers Association.

“As time goes on and people have to roll out of those 30-year loans that they have, I think we’re going to see the effects in housing are going to be dire, but it’s going to take longer this time than before,” TJM Institutional Services managing director James Iuorio told Fox Business.

Yields on the 10-year US Treasury bond, which influences mortgage rates and other forms of borrowing, are perched around 16-year highs as traders increasingly expect higher rates for longer.

The easy solution would have been to not print all that money during the coronavirus hoax, or, better yet, just not do the coronavirus hoax at all.

But once they did it, people just had to live with inflation. They were fine as long as they weren’t holding cash, because the markets were exploding.

I’m not saying that out-of-control inflation is a good thing. I’m just saying, it was better than this.

That fat whiny ginger needs to change his lyrics to “the dollar’s the shit.”