BIDENOMICS: 30-Year Fixed Mortgate Rate Soars to Nearly 8%

Joe Biden’s America.

Bidenomics = High mortgage rates, high inflation rates, collapsed banks, expensive groceries, record high rent, and dwindling retirement accounts.

The highly popular 30-year fixed mortgage rate is getting closer and closer to 8%.

In early July 30-year fixed-rate mortgage spiked 31 basis points in one week to 7.22%!

The average payment on a $400,000 mortgage is $1,000 more per month than it was 2 years ago.

30-year fixed mortgage rates hit 7.49% this week, the highest rates since 2001.

Data chart courtesy of Axios

Home buyers are fleeing the housing market.

“Purchase applications are down to the lowest level in 28 years,” Market Watch reported.

Meanwhile, Joe Biden is doing spin and Pilates classes while staying in a luxury vacation villa in Lake Tahoe.

Biden doesn’t have a care in the world while he shuffles around Lake Tahoe on taxpayer dime.