NEW: Mortgage Rates Hit Nine-Month High, as Trump’s Trade War and War With Iran Make Homeownership a Pipe Dream Arrow

New data from the Mortgage Bankers Association revealed that the average 30-year fixed-rate mortgage - the most popular U.S. home loan - rose to its highest rate in nine months. Mortgage applications also dropped 8.5% last week, largely due to a decline in refinancing.

Donald Trump's reckless trade war and war with Iran have sent prices through the roof, worsening the housing crisis as the U.S. faces a shortage of nearly 5 million homes. Trump's tariffs have raised prices of housing materials, including lumber, copper, and aluminum, making it even harder to build new homes.

A majority of Americans feel homeownership is out of reach and believe that Trump and Republicans are "not focused" on lowering housing costs.

In response,DNC Rapid Response Director Kendall Witmer released the following statement:

"Under Donald Trump, the American dream of owning a home has become a fantasy. Trump's disastrous trade war already raised costs - worsening the housing crisis and making housing even more expensive - and now, his deadly and costly war with Iran has pushed prices higher as mortgage rates soar. Democrats will continue fighting to lower costs and make housing affordable so owning a home isn't out of reach for working families."

Meanwhile, just last week, consumer sentiment sank to its lowest level ever for the second straight month as prices skyrocket in Trump's economy. Prices are rising at the highest rate in three years and are now outpacing Americans' hard-earned wages - and are now expected to rise even more. Inflation is expected to be over 7% for the second quarter of the year.