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Opinion

The Ticking Time Bomb That Could Haunt Biden On 2024 Campaign Trail

via 60 Minutes

Mortgage rates are at their highest levels in 22 years, making it difficult for hardworking Americans to buy homes.

The Biden administration has done little to address the issue, and the crisis poses a risk to President Joe Biden’s reelection effort.

The rising rates have led to increased costs for homeowners, making it difficult for young Americans to afford homes. (Trending: Bombshell Email Uncovered Between Joe Biden And Hunter)

“When I was in office, the 30-year mortgage rate reached a record low of 2.65 percent — and the median-income American family could afford a mortgage,” wrote Donald Trump.

“Yet thanks to Biden’s disastrous economy, interest rates have skyrocketed, making home-ownership out of reach for too many Americans, especially young Americans who in previous generations would be looking to start a family,” he continued.

The issue of housing affordability may be a major concern in the 2024 presidential contest.

“Mortgage rates are part of the bigger problem of inflation, and right now inflation is the biggest obstacle that Joe Biden has to overcome to get reelected,” said Steve Bannon.

“So yeah, I think he should talk about it more,” he added.

“We are seeing people hold off — they might be looking, oops the rates went up one more time, and they’re like, ‘I’m out,’” said , real estate broker Patty Zuzek.

Robert Van Order, Oliver Carr chairman in real estate at George Washington University, said “The market seems to think that it’s more likely that rates will go down than come up.”

Adding, “Homeowners vote, and people who see high rates or high rates for their kids will react to it. But I don’t see it as being in the top five things I’d worry about.”

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