Borrowing costs put American households under pressure
借入コスト上昇、米国の家計に重くのしかかる時事・経済
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Buying a house or replacing an aging car is becoming harder for many Americans. NPR reported that higher borrowing costs are adding to the strain of expensive housing and years of inflation. Carrie Goldstein, who lives near Cleveland, wants to move to a neighborhood where she can walk to shops and Lake Erie. But the mortgage payments have made her postpone that plan.
The report put the average rate for a 30-year fixed mortgage at 7.28%. For a home at the median price, monthly payments could be about $900 higher than under the 3% rates seen during the pandemic. Higher rates also affect people borrowing for cars and education. Even households that need to replace an unreliable vehicle may decide to keep waiting.
Bond markets help determine borrowing costs across the economy. Concerns about inflation have pushed yields up, while the Federal Reserve raised its policy rate in September and signaled that another increase could follow. More expensive credit is intended to slow spending. For households already facing higher prices, however, it can mean postponing important purchases rather than simply cutting back on optional spending.