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New home construction is one of the largest drivers of the US economy. Trump has KILLED it, he did solar and wind energy, in favor of Big Oil, his largest campaign contributor, and recipient of hundreds of billions of dollars in ‘extra’ profits from his Iran war.

 Mortgage rate at highest level in 3 years

The Associated Press

Mortgage rates marched higher for the seventh week in a row, driving the average long-term U.S. home loan rate to its highest level in nearly three years.

The benchmark 30-year fixed-rate mortgage climbed to 7.40% from 7.28% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.30%. The average rate is now the highest it’s been since Nov. 16, 2023, when it was at 7.44%.

The housing market has been stuck in a rut this year in large part because of rising mortgage rates, which can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power and prompting many to put off buying a home.

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Image
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