Mortgage rates and gas prices are two indicators that are biting into President Biden’s economic message. Even though there’s evidence that inflationary pressures are easing, two economic indicators are causing more pain for Americans. Last week, the average long-term U.S. mortgage rate jumped to more than 7 percent — its highest level in 20 years. […]
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Mortgage rates, gas prices bite into Biden’s econ message
Mortgage rates and gas prices are two indicators that are biting into President Biden’s economic message. Even though there’s evidence that inflationary pressures are easing, two economic indicators are causing more pain for Americans. Last week, the average long-term U.S. mortgage rate jumped to more than 7 percent — its highest level in 20 years. That’s tough news for would-be homebuyers already facing high home prices caused by a lack of supply. And according to Triple-A, the national average price of gas has increased about 30 cents per gallon over the past month.