home affordability has gone from bad to worse under Biden

Biden was hoping the Fed would be lowering interest rates during the period of his re-election campaign. But stubbornly high inflation has, so far, prevented that.

It’s a big deal. Young prospective home owners are incensed that the mortgage interest rate, which was under 3% when Biden took office in January 2021, has soared during his administration and now is over 7%. Percentage-wise that’s the steepest increase in history.