Biden Mortgage Message…

Tweet back to Mark Zandi, It does appear that Biden is well in the lead.

I do think in his message he needs to point out to younger people that the low interest rates of the past 12 years, they were only around 13 at the time of QE2, were part of a FED low rate experiment that was designed for crisis periods, not growth periods.

I got my first mortgage in 1975 so I know, and yet I hear grandkids out of college in their 20’s complaining about high rates. I try to explain that high growth means higher incomes, they are doing well already on the income side, but it also includes higher cost of inputs.

The Fred chart here shows that around 7% could be called a normal average rate and rates are a little below normal at the moment.