Last week mortgage rates poll vaulted over the 7% hurdle to the highest rate since April 2002. Biden has succeeded in taking the interest rate on home purchases from 2.8% under Trump to 7.1% in just 30 months in office.
Higher mortgage rates hurt home buyers and home sellers. Sellers get a lower price for the house and buyers pay $10s of thousands of dollars more in interest payments over the 30-year life of the loan.
The only good news is that mortgage rates are still almost 10 percentage points lower than they were when Jimmy Carter crashed the economy.