North Raleigh Today

Steve Cortes, the founder of the League of American Workers (LAW), said today that mortgage rates “more than doubled” under President Joe Biden (D) because of Biden’s "reckless fiscal orgy of lavish borrowing and spending.”

Biden said that “mortgage rates are falling and they’re gonna fall more!” during remarks earlier today at Abbotts Creek Community Center in Raleigh, N.C.

“The American Dream of home ownership is now out of reach for most Americans, especially for the aspirational striver,” Cortes told North Raleigh Today. “Generally, only wealthy and older citizens can afford large down payments and sky-high monthly mortgages.”

“There is a reason mortgage rates more than doubled under Joe Biden, it’s his reckless fiscal orgy of lavish borrowing and spending,” said Cortes.

On January 7, 2021, thirteen days before Biden took the oath of office, the average interest rate on a 30-year fixed-rate mortgage dropped to "the lowest level in the nearly 50 years," reported CNN. 

That rate was 2.77% on January 21, 2020. As of today, January 18, 2024, the average rate is 6.60%, according to the Federal Reserve Bank of St. Louis. 

Founded in 2022 by Cortes, LAW conducts research and develops proposals on public policies impacting American workers and the economy.

Cortes is a political advisor and commentator. He previously traded global currencies and interest rates for 25 years for large international hedge funds. He has been an on-air broadcaster for CNBC, Fox News, and CNN.