home affordability has gone from bad to worse under Biden

Steven Welzer
Apr 14, 2024

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.

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Steven Welzer

The editor of Green Horizon Magazine, Steve has been a movement activist for many years (he was an original co-editor of DSA’s “Ecosocialist Review”).