Rep. Andy Biggs: It All Comes Down To Federal Spending
Rep. Andy Biggs (R-AZ) joins Fox Across America With Jimmy Failla to discuss the spending bill that was recently passed by the House as GOP lawmakers take aim at wasteful spending.
'I think we could probably say that you've got 30 to 40 people who really, really understand the economy and want to reduce federal spending. Most people understand. You know what's driving inflation? Yeah, you got it, federal spending, you know what is driving the cost up on everything? Federal spending. You know why interest rates are disproportionately high and Trump wants to bring them down? It's federal spending! Do you know who's having trouble selling their bonds? Uh… uh… on these on these uh… regular bond sales which is how we finance our debt we are the United States is you know there are seventeen states with a better bond rating than the United States has.'
Rep. Biggs Breaks Down Why Democrats Don't Care About Due Process
Jimmy and Rep. Biggs talk about how DOGE fell short of its goals to chip away at the amount of federal spending, as well as James Comey's criticism of new leaders at the FBI. Check out the podcast for the full interview!
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LA protesters and police in standoff as Trump doubles National Guard deployment
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Huawei chips are one generation behind US, but ‘no need to worry', says CEO
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Check out CNET Money's weekly mortgage rate forecast for a more in-depth look at what's next for Fed rate cuts, labor data and inflation. Despite forecasts of gradually falling mortgage rates, the housing market remains largely unaffordable for most prospective buyers. The average 30-year fixed rate has remained close to 7% for the last seven months, leading to cost-prohibitive monthly payments. The average interest rate for a standard 30-year fixed mortgage is 6.90% today, a decrease of -0.07% compared to one week ago. The average rate for a 15-year fixed mortgage is 6.11%, which is a decrease of -0.05% since last week. Further compounding the financial pressure on borrowers are high home prices and the skyrocketing cost of ownership due insurance and property taxes. Median family income has not kept pace with the surge in housing costs, requiring many households to earn double or triple their salary to afford a modest home in some cities. 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"Some are waiting, others are getting pre-approved now so they're ready to act if rates fall," said Jeb Smith, licensed real estate agent and member of CNET Money's expert review board. For a look at mortgage rate movement in recent years, see the chart below. Mortgage predictions for 2025 Despite hopes that 2025 would bring relief to the housing market, concerns over a potential recession and uncertain trade policies have kept longer-term bond yields and mortgage rates high. Mortgage rates are closely tied to the bond market, specifically the 10-year Treasury yield, which is sensitive to investors' expectations for inflation, labor data, changes to monetary policy and global measures like tariffs. "Rates could fall if inflation keeps cooling and the labor market softens," said Smith. "On the other hand, tariffs could create new inflation pressure. Add in government deficits and increased bond supply, and that puts upward pressure on rates." In short, it will be difficult for mortgage rates to drop below 6% without the risk of a job-loss recession. Fannie Mae now expects rates around 6.1% by the end of 2025 and 5.8% by the end of 2026. According to Smith, mortgage rates could move lower slowly and steadily, but numerous risks could keep rates elevated. Which mortgage term and type should I pick? Each mortgage has a loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. With a fixed-rate mortgage, the interest rate is set for the duration of the loan, offering stability. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market. Fixed-rate mortgages are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront. 30-year fixed-rate mortgages The average interest rate for a standard 30-year fixed mortgage is 6.90% today. A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you'll have a lower monthly payment. 15-year fixed-rate mortgages Today, the average rate for a 15-year, fixed mortgage is 6.11%. Though you'll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner. 5/1 adjustable-rate mortgages A 5/1 adjustable-rate mortgage has an average rate of 6.16% today. You'll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option. Calculate your monthly mortgage payment Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET's mortgage calculator below can help homebuyers prepare for monthly mortgage payments. Where can I find the best mortgage rates? Though mortgage rates and home prices are high, the housing market won't be unaffordable forever. It's always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right. Save for a bigger down payment: Though a 20% down payment isn't required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest. Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates. Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments. Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs. Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.
