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Mortgage Payments Have Almost Tripled

Great tweet from economist Richard Stern of the Heritage Foundation who points out that we at the Hotline may have UNDERSTATED how much mortgage payments on the median-priced home have risen under Biden:

We said the payments have doubled, but based on official federal statistics, the annual mortgage payment has nearly tripled from $8,500 to $24,000 per year as the mortgage interest rate has soared from under 3% to 7.8%. See Stern’s chart above.

It shows that in the era of low inflation and a stable dollar — from Reagan, Bush, Clinton, Bush, Obama, and Trump — mortgage payments were relatively stable.

But they have taken a giant upward leap under Biden – thanks to an inflation rate that hit as high as 9.1%.

Biden has put a giant tax on the American dream of owning a home.

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