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Tags: ben carson | white house | mortgage rates | housing market | home buyers | biden administration

Ben Carson to Newsmax: WH 'Out of Touch With Reality'

By    |   Thursday, 17 August 2023 07:23 PM EDT

U.S. mortgage rates will continue to go up because the Biden administration is "out of touch with reality, and it's a huge problem," said former Housing and Urban Development Secretary Ben Carson.

"I don't think that they're necessarily bad people; I think they just have very little understanding of actions and consequences," Carson said Thursday during an appearance on Newsmax's "Carl Higbie FRONTLINE."

The average long-term U.S. mortgage rate climbed this week to its highest level in more than 20 years, grim news for would-be home buyers already challenged by a housing market that remains competitive due to a dearth of homes for sale.

Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 7.09% from 6.96% last week. A year ago, the rate averaged 5.13%.

High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already unaffordable to many Americans.

"They're out of touch with reality, and it's a huge problem. And these mortgage rates are going to continue to go up," Carson said. "The only reason that things aren't worse than they are now is because we had an incredibly strong economy to start with because the previous administration came in, they deregulated, took all those regulations away which allowed business to explode, let people have their own money.

"Those things can turn this around very, very quickly once again, as well you know," he added.

Economists say mortgage rates could hit 8%, according to MarketWatch.

The 30-year is "at a critical stage," Lawrence Yun, chief economist at the National Association of Realtors, told the news outlet.

"If the 30-year-fixed mortgage rate can hold at a high mark of 7.2% — and the 10-year yield holds at 4.2% — then this would be the high for mortgage rates before retreating," Yun said. "If it breaks this line and easily goes above 7.2%, then the mortgage rate reaches 8%."

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Solange Reyner

Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.

© 2024 Newsmax. All rights reserved.


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U.S. mortgage rates will continue to go up because the Biden administration is "out of touch with reality, and it's a huge problem," said former Housing and Urban Development Secretary Ben Carson.
ben carson, white house, mortgage rates, housing market, home buyers, biden administration
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2023-23-17
Thursday, 17 August 2023 07:23 PM
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