President Joe Biden’s policy of mass migration is forcing up housing inflation, so pushing up interest rates and mortgage rates, according to a report in theHousing prices should have dropped amid the recent supply of new apartments and homes, but have “not behaved the way we thought it would,” said Austan Goolsbee, president of the Federal Reserve Bank of Chicago..
Since 2021, Biden and his deputies have imported more than 10 million legal, illegal, and quasi-legal migrants via a growing variety of routes. The inflow has been so large that it delivered roughly one migrant for every American child born during Biden’s tenure. This sudden government-driven population expansion has created a consumer “demand shock” — and an economic boom for retailers, landowners, and the food industry.
A 1% difference between a $200,000 home with a $160,000 mortgage increases your monthly payment by almost $100. Although the difference in monthly payment may not seem that extreme, the 1% higher rate means you’ll pay approximately $30,000 more in interest over the 30-year term. Ouch!