The American economy remains in a highly volatile position, due to the federal government printing money in excess and approving one large spending bill after the next.
Earlier this week, Vice President Kamala Harris was asked about when an “endpoint” for inflation will arrive. The vice president did not provide a specific timeframe; therefore, Americans everywhere should prepare for higher expenses across the board going forward.
Economic volatility is a very real problem for folks without disposal income or abundant financial resources.
Now, a new report confirms that Americans with mortgages are facing higher rates across the board.
What every American with a mortgage needs to know
Mortgages with fixed rates over a three-decade timeframe are now seeing 5% upticks in interest payments. According to economists, this trend hasn’t taken place in more than ten years.
Ultimately, inflation is having a compounded negative impact on not just mortgages, but also overall prices for homes, along with inventory. Because of this shift, homeownership costs are projected to continue rising throughout the foreseeable future.