“Inflation is throwing a wrench into Republican messaging on housing affordability,” Politico reports.
”GOP lawmakers went to great lengths this summer to draw bipartisan support for sweeping legislation to make housing more affordable, passing the 21st Century ROAD to Housing Act in June — even defying President Donald Trump’s demands to add his controversial elections bill to the legislation.”
“But Trump’s war against Iran has sent energy prices soaring, pushing up inflation that increases the price of home loans. The interest rate on mortgages reached almost 7% this past week — the highest point since the beginning of the president’s second term. And the Federal Reserve’s move Wednesday to raise its benchmark interest rate for the first time in three years is likely to bring on a new era of high borrowing costs.”

