Crapo Statement on Mortgage Rates Reaching 6 Percent—Highest Levels Since 2008 Financial Crisis

Washington, D.C.--Mortgage rates hit six percent today, more than double just one year ago, and the highest rates since the 2008 financial crisis, 14 years ago.  U.S. Senator Mike Crapo (R-Idaho) issued the following statement on the news:

“Mortgage rates have more than doubled from last year and are at the highest point since the 2008 financial crisis.  As the Fed continues to consider higher interest rates to tamp down inflationary pressures, mortgage rates are poised to go even higher, making it all the more challenging for many Idahoans and other Americans to buy homes.  Instead of taking actions to address root causes of inflation, the Administration pursued more reckless spending that will further fuel inflation and add to our national debt.  We should be getting inflation under control by unleashing American energy; cutting the red tape of burdensome regulations; and stopping unrestrained government spending.”