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Presidents don’t set the rates. We have seen high rates before and this will start to drive prices down. Rates will stabilize and trend downward once inflation has stabilized.The fed rate is currently been raised to 5.5% and increasing under Joe Biden, the average 30 year fixed mortgage is 7.5%
Joe Biden has priced the average American out of a home, they can't afford it directly related to Bidens actions with interest rates
CNN Business
As mortgage rates soar over 7%, an unaffordable housing market is becoming even more expensive
By Anna Bahney, CNN
Sun August 20, 2023
An already miserably unaffordable housing market is getting more expensive.
As mortgage rates top 7% — the highest they’ve been in 21 years according to Freddie Mac — home buyers face ballooning costs. Some housing experts are warning that rates could keep climbing toward 8%.
Despite recent reports that inflation is cooling, it’s still too high and the economy too hot — and for the housing market, that’s not good, said Freedman.
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