Warnock Does Nothing as Mortgage Rates Hit 6.02%, Highest Since the Financial Crisis of 2008

Thursday, September 15th, 2022

ATLANTA – Today, Team Herschel released a statement following a report from Freddie Mac that mortgage rates have hit 6.02% this week, making this the highest since the financial crisis of 2008. Meanwhile, Raphael Warnock is all talk and no results, as his bill to reduce housing costs would once again fail to address the problem at hand and his work to lower costs for Georgians has fallen flat, unlike the record-high inflation.

According to an article in the Wall Street Journal, “the jump in mortgage rates is one of the most pronounced effects of the Federal Reserve’s campaign to curb inflation by lifting the cost of borrowing for consumers and businesses. Already, it has ushered in a sea change in the housing market by adding hundreds of dollars or more to the monthly cost of a potential buyer’s mortgage payment, slowing what was a red-hot market not so long ago. Higher rates are forcing some would-be buyers to continue renting. Other buyers are skimping elsewhere to make their mortgage payments.”

“Once again, Raphael Warnock claims he is working for Georgia, but the facts say otherwise,” said spokesman Will Kiley. “While he is continuously pushing messaging bills to gain political points, Georgians are now enduring the highest mortgage rates since the collapse of the housing market in 2008. Georgians are struggling to make ends meet because, unlike Raphael Warnock, they are not receiving a housing allowance. Georgia deserves a Senator who puts the people above themselves.”