Mortgage Rates and Home Prices Keep Climbing, Challenging Budgets and Biden's Economic Agenda
• Mortgage rates and housing prices climbing again, presenting economic headwinds • Economists predicting higher interest rates for longer due to persistent inflation • Housing volatility epitomizes paradoxical US economy - growing but high inflation causing voter disapproval • Biden proposed tax credits for first-time and starter home buyers to improve affordability • Short supply and high demand pushed average new home price to $485,000, up from $357,000 in 2021