Up from 2.77 Percent at the Beginning of 2021, That’s the Mortgage Rate Homebuyers Pay Today Because of Murray’s Inflationary Policies
Washington, D.C. – Inflation has been at a four-decade high nationwide – even worse in places like Seattle. A big contributor to this record inflation: the $1.9 trillion so-called “American Rescue Plan” that Patty Murray was the deciding vote for.
Because inflation has gone out of control, the Federal Reserve has made drastic hikes to interest rates. Here’s how that has impacted those wanting to buy a home:
- 6.70 Percent: That’s the average 30-year fixed mortgage rate as of the end of last month.
- 2.77 Percent: That was the average 30-year fixed mortgage rate on January 20, 2021.
- 142 Percent: That’s how much more in interest payments a homebuyer would make for the same home today vs. at the beginning of the Biden administration – more than double!
Instead of helping middle-class and future homeowners, Patty Murray voted for policies to help millionaire and billionaire homeowners get a tax cut by increasing the SALT deduction cap from $10,000 to $80,000 – something experts called “a baffling tax gift to the wealthy.”
- December 2017: The State and Local Tax (SALT) deduction – that mainly benefitted “high-income taxpayers in high-tax states” – was capped at $10,000 when Congress passed the Tax Cuts and Jobs Act. Patty voted against it.
- February 2021: Republicans offered a measure to prevent Congress from changing the 2017 SALT deduction cap. Patty voted against it.
- August 2021: Republicans again offered a measure to prevent Congress from repealing the 2017 SALT deduction cap. Patty voted against it.
Patty Murray and her price hikes are hurting Washingtonians and they are ready to hold her accountable for them in November.
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