Tuesday, October 18th, 2022

ATLANTA ­– Today, Team Herschel released the following statement in response to mortgage rates recently hitting 6.92%, a 20-year high. This news follows the recent passage of the poorly-named ‘Inflation Reduction Act.’ The Inflation Reduction Act is a massive and reckless government spending bill disguised as legislation to decrease inflation.

Raphael Warnock was an ardent supporter of the partisan ‘Inflation Reduction Act’ — even before it was fully written. After Warnock blindly voted for it, he put Georgians in deeper financial instability and caused mortgage rates to hit a 20-year high.

“Raphael Warnock doesn’t want any Georgians to have affordable housing,” said campaign spokesman Will Kiley. “Not only has Warnock voted for legislation that has given us sky-high mortgage rates, pricing Georgians out of their homes, but his church is also threatening to evict low-income tenants for being $30 late on rent. Thankfully, Warnock receives a monthly $7,417 housing allowance from his church, so he doesn’t really have to worry about paying rent or a mortgage! Raphael Warnock doesn’t care about Georgians if it interferes with blindly supporting Joe Biden’s reckless agenda.”

According to the Wall Street Journal:

The most recent jump, from 6.66% a week ago, took the rate above the peak of the last financial crisis. The benchmark has climbed nearly 2 percentage points since August, adding to an already brisk rise since the Federal Reserve began lifting rates earlier this year.

The latest climb has been particularly painful for the housing market, putting homeownership out of reach for many would-be buyers because of the added monthly cost of paying a mortgage at a higher rate.