How rising mortgage rates are hitting the housing market hard — at a terrible time for GOP

Higher mortgage rates are cooling homebuyer activity as borrowing costs climb to their steepest levels in months, deepening economic challenges for the White House and Republicans amid the approaching midterm elections. With the average 30-year fixed mortgage rate now surpassing 7%, potential buyers face greater financial hurdles, potentially dampening housing market momentum just as political campaigns intensify. The trend underscores how rising interest rates could weigh on consumer confidence and economic sentiment in the lead-up to November. Analysts warn the shift may further strain affordability for first-time buyers already grappling with elevated prices.

Rising mortgage rates are lowering the odds of prospective homebuyers entering the market and adding to the tough economic slate for President Trump and the GOP just weeks ahead of the midterms. The average 30-year fixed mortgage rate was 7.28 percent last week — the highest mark since late November 2023, according to data from...