(RepublicanInformer.com)- There are lots of indications that the United States economy is struggling and slowing down. From rising inflation to the recent news that the U.S. is set to default on its spending obligations unless the debt ceiling is raised before October, things are looking bad for Joe Biden and his horrible handling of the economy.
And now, mortgage rates are making things even worse.
According to the most recent results from Freddie Mac’s Primary Mortgage Market Survey, mortgage rates have stayed flat as the economy loses momentum.
The data was revealed last Thursday from the federally charted mortgage investment company. The 30-day fixed-rate mortgage rate stayed at an average of 2.88% for the week ending September 9. It was an increase over the 2.87% figure from one year ago, but it’s not substantial.
Technically the economy is growing, but with business rebounding and getting back to work, it should be growing at a faster rate. With politicians continuing their obsession with lockdowns and restrictions because of the spread of the COVID-19 Delta variant, and with vaccine mandate restricting who can and cannot frequent businesses, it’s no wonder that economic growth is slowing down.
Sam Khater, the chief economist at Freddie Mac, said that as a result of this economic slowdown, mortgage rates dropped earlier in the summer and are now staying steady. He said that the net result of this, combined with inflation caused by a supply and demand imbalance, is that people are afforded more time to find homes they’re looking to purchase – and people are having a harder time selling.
The news is not good for President Joe Biden and his administration, especially after the August job numbers show just 235,000 “new” jobs that month, compared to the 750,000 predicted by economists.
Unemployment only dropped by 0.2%, leaving some 5.2% of Americans still without work.
This is one giant mess.