During a stop in Raleigh, N.C. earlier today, Joe Biden (D) highlighted “falling” mortgage rates, which have actually risen almost 140 percent since he took office.
Mortgage rates are falling and they’re gonna fall more!” during remarks earlier today at Abbotts Creek Community Center in Raleigh, N.C.
On January 7, 2021, thirteen days before Biden took the oath of office, the average interest rate on a 30-year fixed-rate mortgage dropped to “the lowest level in the nearly 50 years,” reported CNN.
That rate was 2.77% on January 21, 2020. As of today, January 18, 2024, the average rate is 6.60%, according to the Federal Reserve Bank of St. Louis. That’s an increase of 138.27%.
American Greatness contributor Steve Cortes told North Raleigh Today that, “There is a reason mortgage rates more than doubled under Joe Biden, it’s his reckless fiscal orgy of lavish borrowing and spending.”
“The American Dream of home ownership is now out of reach for most Americans, especially for the aspirational striver,” said Cortes. “Generally, only wealthy and older citizens can afford large down payments and sky-high monthly mortgages.”
Founded in 2022 by Cortes, LAW conducts research and develops proposals on public policies impacting American workers and the economy.
Cortes was a spokesman and advisor to President Donald Trump’s 2016 and 2020 campaigns. He previously traded global currencies and interest rates for 25 years for large international hedge funds. He has been an on-air broadcaster for CNBC, Fox News, and CNN.