American dream of home ownership becomes more elusive

NEWS AND OPINION:

Mortgage applications have crashed to a level not seen in 30 years, according to an unsettling new report released Wednesday by the House Budget Committee and shared with Inside the Beltway.

“Under President Biden, home ownership is becoming less and less accessible for middle class Americans as interest rates continue to soar. A recent report from the Mortgage Bankers Association shows mortgage applications fell 6.9% last week to the lowest level since 1995,” the committee said in a written analysis, which cited findings from a Reuters report released Oct. 18.

“The volume of U.S. mortgage applications plummeted to the lowest in nearly three decades last week as the interest rate on the most popular type of home loan rose for a sixth straight week to the highest since 2000, the latest data to point to no near-term relief for the slumping housing market,” the Reuters analysis said.

“In addition to high borrowing costs, sales are being restrained by very low inventory of homes on the market. Economists suspect that homeowners, many of whom have mortgages at much lower rates than are currently available, are reluctant to give up their homes only to have to buy a new one with borrowing costs remaining as high as they are now,” the analysis advised.

The House Budget Committee had its own warning, meanwhile. Here come some more damning numbers:

“The federal debt has skyrocketed almost 800% since 2000, as of today the debt is costing a shocking $256,316 per household. This alarming reality must be reversed as quickly as possible. According to the nonpartisan Congressional Budget Office (CBO), interest payments on the debt will triple under current law from $457 billion (1.9% of [gross domestic product]) in 2022 to $1.4 trillion (3.7% of GDP) in 2033. This will be the highest level in American history,” the committee said in a written statement shared with Inside the Beltway.

“In less than five years, interest payments on the debt will exceed what we spend on national defense. By 2033, interest payments will be the third most expensive federal program. Those dollars spent on interest costs do not go towards the American people. They should be used towards fixing our crumbling infrastructure, supporting our foreign allies, supporting healthcare and childcare. We must stop throwing this money away and start reinvesting these funds back into the American people,” the statement said.

COOL TO THE DEBATE

A new Rasmussen Reports survey finds that 55% of likely U.S. voters are inclined to watch the Nov. 8 Republican presidential debate.

Another 42%, however, say they’re unlikely to watch the next GOP debate — a group that includes the 21% who say they are “not at all” interested in tit.

Well, there’s always “Family Feud” to consider instead, or maybe “Star Trek” reruns.

The survey of 992 likely U.S. voters was conducted Oct. 18-20.

YOUNGKIN HAS A SAY

Inquiring minds want to know: Is Virginia Gov. Glenn Youngkin a potential presidential hopeful? Maybe not.

“I fully expect to be doing the job as governor of Virginia. I’ve been focused on it. It’s part of I think the reason why I’ve been in Rockingham County and not at the Iowa City County Fair, Iowa State Fair — but at the Rockingham County Fair,” the Republican governor told News Nation in an interview.

Rockingham County, by the way, is in Virginia’s gorgeous Shenandoah Valley.

The governor’s interest is in maintaining Republican influence on the commonwealth’s legislature.

“I’ve said many times that I’ve never gotten a promotion in life without doing a great job and the one that I’m in, I think we’re doing a good job. And that’s why we’re working so hard to hold our House — and flip our Senate,” he noted.

“I’ve just been really clear here. I am campaigning all around Virginia and making sure that Virginians know that we’re focused on the future of Virginia and the people who are running for president or run around to other places. I’m focused on Virginia — and I think I’ve been really clear about that,” he advised.

FOXIFIED

In the week of Oct. 16-22, Fox News attracted an average prime-time audience of 2.1 million viewers and aired 77 of the top 100 cable newscasts that week, according to Nielsen Media Research.

“The Five” was the most-watched program in cable news for the week, averaging 3.1 million daily viewers, followed by “Jesse Watters Primetime” with 2.6 million viewers and “Special Report with Bret Baier” and “Hannity” — both with average audiences numbering 2.3 million viewers. “The Ingraham Angle” was close behind, earning an audience of 2.2 million viewers.

Late-night funnyman Greg Gutfeld, meanwhile, continues to trump his network rivals on a nightly basis, earning an average of 2.2 million viewers. NBC’s “The Tonight Show Starring Jimmy FallonTonight Show With Jimmy Fallon” had an audience of 1.3 million, while “The Late Show With Stephen Colbert” on CBS attracted 1.7 million and ABC’s “Jimmy Kimmel Live” 1.8 million.

Fox News had another notable victory during President Biden’s Oval Office address to the nation last week, which drew a hefty audience of 3.4 million — compared with MSNBC with 2.1 million viewers and CNN with 1.4 million.

POLL DU JOUR

• 32% of U.S. adults follow political news “very closely”; 36% of Republicans, 26% of independents and 37% of Democrats agree.

• 30% of women and 35% of men also agree.

• 41% overall follow political news “somewhat closely”; 38% of Republicans, 44% of independents and 39% of Democrats agree.

• 42% of women and 39% of men also agree.

• 19% overall follow political news “not too closely”;  23% of Republicans, 16% of independents and 18% of Democrats agree.

• 20% of women and 17% of men also agree.

• 8% do not follow political news at all; 3% of Republicans, 13% of independents and 6% of Democrats agree.

• 9% of women and 9% of men also agree.

SOURCE: A Gallup Poll of 1,016 U.S. adults conducted by telephone Sept. 1-23 and released Wednesday.

• Follow Jennifer Harper on X @HarperBulletin, on Facebook at HarperUniverse.