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CNN reports, "Mortgage rates fell once again this week, dipping for the fifth straight week.More good news about the Biden economy.
ABC reports, "Monthly inflation fell significantly. Prices rose 0.1% in November, cooling down from a 0.4% increase in October.
"The 30-year fixed-rate mortgage averaged 6.31% in the week ending December 15, down from 6.33% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.12%.
"Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of harsh interest rate hikes to tame soaring inflation. But mortgage rates have tumbled in the last several weeks, following data that showed inflation may have finally reached its peak.
"Inflation, as measured by the Consumer Price Index, cooled considerably in November and was at its lowest level in nearly a year, according to the Bureau of Labor Statistics’ closely watched index, released on Tuesday."
Unfortunately, as was widely expected, the Federal Reserve announced a 0.50 percentage point interest rate hike Thursday, further increasing the costs of credit cards, auto financing and variable-rate loans.
The stock market crashed.
The fed chairman, Jerome Powell, wants to add a million more jobless in 2023 to cool inflation.
There are times I wonder which side Powell is on. Millions of Americans, including me, lost millions of dollars today.