In a social media post, Sen. Shelley Moore Capito, R-W.Va., noted a recent rise in mortgage interest rates and blamed Pr
esident Joe Biden for it.has led to mortgage rates hitting a 21-year high → over 7%," Capito posted Aug. 23 on X, the social media platform formerly known as Twitter."The hope of buying a home continues to shrink under this administration.","‘Bidenomics’ is certainly not a science and certainly not something to celebrate. West Virginians are getting less, while spending more because of this administration’s reckless economic policies.
Gary Burtless, an economist with the Brookings Institution, a Washington-based think tank, said Biden should"assume some responsibility, but so should members of Congress who voted in favor of stimulus payments, tax cuts, generous unemployment benefits, aid to states and private businesses during and after the COVID-19 pandemic recession."
"The federal fiscal stimulus and the Fed’s low-interest rate policy in 2020-2021 were necessary measures to protect households and boost the economy," Burtless said."But those excellent policies in 2020-2021 in turn helped produce higher inflation and higher interest rates in 2022-2023." Numerically, Capito is on target: Mortgage rates hit a 21-year high in August, reaching 7.09%. Rates have risen this high because the Federal Reserve has been raising interest rates in a bid to cool inflation, which reached a 40-year high in 2022.
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