/biz/ - Business & Finance

>8.32% is the current mortgage rate for a fixed 30 year mortgage if your credit score is 660 to 679. You will buy your home three times before you actually own it. Joe Biden tells us that he has tamed inflation but he won't tell us that he has made it impossible for most of us to buy our first home.

>When Trump was President inflation was about 1.5% annually and mortgage rates were very low. I bought a home during Trump's Presidency at a 2.375% mortgage rate. The interest on my mortgage is $258 each month. If I took out that loan today the interest on my mortgage would be $1108, an amount which is more than four times as much. My Mortgage was for $233,000.

>So, Joe Biden and the Fed tell us that they have tamed inflation by comparing the current annual rate of 3.2% to the rate a year ago when it was over 8%, but they won't tell us that it is double what the current rate of inflation was during the Trump Presidency, and they won't tell us that they have made it impossible for the vast majority of us to buy our first home.

>Biden was bragging today that Bidenomics is working, but the truth is that it is destroying the dream of home ownership and has condemned most of us to living paycheck to paycheck and both parents working, and many of us working two jobs.