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US 30yr Mortgage Rate Rises To Near 6%
[CONFOUNDEDINTEREST.NET] Baby, let me take you home is getting more difficult as mortgage rates approach 6%.The National Association of Realtors’ Homebuyer Affordability Index for fixed-rate mortgages is now at the lowest reading since 2006 and the peak of the 2005-2007 housing bubble that burst catastrophically. The reason? The Federal Reserve, in their attempt to put out the inflation fire (caused by 1) excessive monetary stimulus since late 2008, 2) rampant Federal spending and 3) Biden’s green energy  ... the attempt to produce energy without using fossil fuel. The preferred methods are solar, wind, geothermal, phlogiston, philosophers' stones, and rattling bears' teeth. The approach with the most promise involves attaching generators to perpetual motion machines, but using Words of Power to summon energy-rich demons may also work. The greenin the term refers to the vast number of dollars that have been thrown at the problem since 1973 with indifferent results... policies, driving up prices. Posted by: Fred 2022-08-24 |
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