Mortgage Rates Near 7%: The Fed’s War on Homeownership Intensifies

Mortgage rates have ticked up for the third consecutive week, reaching levels we haven’t seen since July 2024. Freddie Mac’s latest Primary Mortgage Market Survey reveals the grim reality: the average rate on a 30-year fixed mortgage has climbed to 6.91%, up from 6.85% just last week. A year ago, that rate stood at a mere 6.62%.

But don’t let the percentages fool you. This is more than a numbers game; it’s about pushing an already fragile housing market into oblivion. The market’s stagnation isn’t some organic downturn—it’s engineered. When rates spike like this, the dream of owning property becomes a pipe dream for most Americans. The Federal Reserve knows this, and they’re banking (pun intended) on your inability to act.

“Affordability Headwinds” or Engineered Dependency?

Sam Khater, Freddie Mac’s chief economist, had the nerve to say, “Compared to this time last year, rates are elevated and the market’s affordability headwinds persist.” That’s like saying the Titanic had a little water problem. These so-called “headwinds” aren’t some accident of the economy—they’re the predictable result of a system designed to keep you in perpetual servitude.

The 15-year fixed mortgage tells a similar story. Its average rate has jumped to 6.13%, up from 6.0% last week. A year ago? It was hovering around 5.89%. This steady upward march isn’t just a trend; it’s a calculated move to ensure that fewer Americans can afford to escape the rent trap.

The Big Picture: Who Benefits?

Here’s the rub: this isn’t just about interest rates. It’s about control. The Federal Reserve hikes rates under the guise of fighting inflation, but who suffers? Not the billionaire class. Not the hedge fund vultures snapping up single-family homes to turn them into rental empires. It’s the average American worker, the family trying to put down roots, who’s left to eat the costs.

The housing market is one of the last bastions of financial independence for everyday people. When you own property, you’re not just a tenant in someone else’s fiefdom. But with rates this high, homeownership moves further out of reach, and that independence slips away.

What Can You Do?

Start asking questions and start taking action. Who really benefits from these rate hikes? Why does the Fed get to dictate the terms of your life while pretending it’s all for your own good? If you’re ready to protect yourself from the next manufactured crisis, don’t wait until it’s too late.

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