The current US economy is bad and is in transition. The stock market is marking time, waiting for a lower Fed Discount Rate. The Fed Funds Rate is 5.5% and is what the Fed charges banks for money lent to the banks from the Fed. It is also reported as 5.33% and is what banks are required to charge other banks for overnight loans. The Fed is expected to lower the Fed Funds Rate to 5.25%.
The current Home Mortgage rate for a 15-year fixed rate home
loan is 5.696%
The current Home Mortgage rate for a 30-year fixed rate home loan is 6.982%. That is 1.732% higher than the 5.25% Fed Funds Rate.
The current Average New Car Auto Loan Interest rate is 6.84%
The current Average Used Car Loan interest rate is 12.01%
The current Average Credit Card interest rate is 20.78%. The average rate being charged is 27% because low FICO score consumers have higher credit card balances.
Loan rates are generally lower for consumers with a high FICO score and are generally higher for consumers with a low FICO score.
In 2005, the interest rate on a Home Equity Loan was 3%.
In 2020, the interest rate on a 30 year fixed rate home loan was 3.38%
In 2016 the average rent in the US was $1164
In 2017 the average rent in the US was $1359
In 2018 the average rent in the US was $1025
In 2019, the average rent in the US was $1435
In 2020, the average rent in the US was $2100
In 2021, the average rent in the US was $1843
In 2022, the average rent in the US was $2053
In 2023, the average rent in the US went from $2100 in January
to $2200 in May and $2000 in December.
In 2024, the average rent in the US went from $2000 in January
to $2150 in July and is at $2100 in September
https://www.zillow.com/rental-manager/market-trends/united-states/
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Rent costs tended to be higher in Summer months in 2023 and
2024. Most apartment living is in big cities, where rent costs are higher.
The monthly mortgage payment for a $240,000 home is $1594 for a 30-year fixed rate mortgage, lower than the average rent cost of $2100.
Federal Government spending is out of control. The US National Debt is $35.27 trillion. Interest payment on the federal debt is 3.3% and it grew to $1 trillion per year in 2024.
In 2021, federal revenue was $4.016 trillion. Spending was
$6.818 trillion. The deficit was $2.772 trillion. The National Debt grew to
$30.5 trillion.
In 2022, federal revenue was $4.9 trillion. Spending was $6.13 trillion. The deficit was 1.23 trillion. The National
Debt grew to $30.928 trillion.
In 2023 federal revenue was $4.44 trillion. Spending was $6.14 trillion. The deficit was $1.7 trillion. The National Debt grew to $33.17 trillion.
In 2024 federal revenue was $4.39 trillion. Spending was $6.29 trillion The deficit was $1.9 trillion The National Debt grew to $35.27 trillion
The unnecessary $2 trillion per year being spent by the Federal Government needs to be cut to bring s pending back to $4 trillion. The US needs to close the borders and send 20,000 Illegals back to their home countries. US jobs need to increase by lowering corporate taxes, increasing Oil and natural gas production and re-shoring manufacturing. US Voting should re restricted to US Citizens only. US affordability needs to be restored by decreasing Income Taxes for all earning less than $50,000 per year.
Norb Leahy, Dunwoody GA Tea Party Leader
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