Bidenomics At Work! Mortgage Rates Hit Almost 8% (Highest Since July 2000 Under Bill Clinton), Deficits This High Usually Occur During Recessions And HIGH Unemployment

Confounded Interest ^ | 10/08/2023 | Anthony B. Sanders

[Kaiser8408a]

Joe Biden, who has always been a compulsive liar but at least sounded cognicent, is now babbling and whispering that Bidenomics works. But for who?

Clearly not for first time homebuyers or people looking to move. Bankrate’s 30-year mortgage rate is up to almost 8%, the highest since July 2000 and Willy Slick Clinton. That is a 176% increase in mortgage rates under the most inept “Economic Sheriff” in history.

Deficits? Deficits (which Biden makes outlandish claims) are usually only this big at times of HIGH unemployment and recessions. So, are the staggering deficits under Biden a precursor to a hard landing (recession)? Don’t listen to what Biden or KJP say!!!

Biden’s outlandish claims that he single handedly reduced the deficit by the most in history is, well, typical Biden bloviating. Actually, tax receipts soared after Covid lockdowns ended. Period. Now that stimulus is wearing out, deficits are climbing again.

[eyeamok]

My first mortgage was 8% with a 10% second.

[The Free Engineer]

We have a recession and high unemployment. They are faking the numbers.

[TomGuy]

Realtor.com is showing 8.129% for 30 year mortgages.

That now exceeds the longterm average which is 7.74%, according to Kiplinger: The Magic Mortgage Rate Number to Tip the Housing Market.

Rates are now at 2000's 8.1% average, but still short of 1981 Carter era 18.45%.

[EVO X]

I did a quick calculation of a 30 year $200K home loan at 4% and 8%. There is a difference of ~$500+ in monthly loan payments

[IAGeezer912]

My first mortgage in 1980 was 13.5% and went down to 9% in 1990.

[crusty old prospector]

I remember my first one in 1989 was 9 7/8%. We thought we had hit the jackpot.