Joe Biden is the president of high inflation and empty shelves. The old man has single-handedly turned America into a needy nation. The man refuses to deal with the crisis, and things only worsen. The inflation rate has forced the Federal Reserve to raise interest rates, which are having an adverse effect on many sectors of the economy.
The Federal Reserve raises interest rates to combat inflation. Higher interest rates mean that a person will pay more interest for any loan they take out from a lending institution—the one area of concern that has caught the attention of experts in the housing sector.
The higher mortgage rates are causing people to avoid applying for a new mortgage because they know they will be losing their money to interest instead of paying it on the loan amount. Those higher rates are causing a decline in the purchase of new homes and the number of mortgages being applied for.
According to Fox Business, mortgage applications declined by 1.2 percent in just one week. The higher prices are keeping people from getting out of debt. They are also keeping people from refinancing existing homes and buying homes. The sad news is that within the past year, people refinancing a mortgage is 75 percent lower than before.
Joel Kan is MBA’s associate vice president of economic and industry forecasting. He stated that “The 30-year fixed-rate declined for the second straight week to 5.46% but remains well above what borrowers were used to over the past two years. Most refinance borrowers continue to remain on the sidelines as a result, and refinance applications have fallen in nine of the past 10 weeks.”
Biden and his administration want to see America suffer in all parts of the economy. The president and his progressive supporters want to kill off prosperity, forcing people to rely on the government for their support and care. It drives him crazy to see people prospering and making life better for themselves.
There are a few Democrats who have joined the ranks of the Republican Party just to put a stop to Biden’s socialization of America plan. But many people hate the idea and will never submit to such conditions. Biden can’t seem to get any more of his socialist-packed bills through the Democratic-controlled Congress.
Kan also stated that “Higher mortgage rates are also impacting purchase market conditions, as the purchase index remained close to lows last seen in the spring of 2020 when a significant portion of activity was put on hold due to the onset of the pandemic.”
New home sales and new purchases are also in trouble. Many people have had to cut their budgets to make ends meet financially. People are paying hundreds of dollars more in the stores and at the gas pumps. The extra cost of living has kept people from pulling the trigger on buying a new home. No one can afford to exist in Biden’s expensive America.
The longer Joe Biden sits in the White House, the worse things will get for America. He loves to invent problems and refuses to work on those already in existence.
The decline in home sales and new construction are just the beginning of a problem that will crush a lot of people.
Biden’s inflation streak has caused construction costs to escalate, prices for homes to rise, interest rates to rise, and shelves to be empty. Recent data from the United States Census Bureau shows that new home sales fell by a whopping 16.6 percent in just one month. The country is in trouble, and Biden is grinning away like the Cheshire Cat.
Biden may appear to care now that the midterm elections are coming up. But the harm and the hurt that he has already caused remains. And it will continue to get worse until the Democrats are removed from power and Biden’s hands become tied.