Big Three Evening Stooges Largely Ignored Sky-High Mortgage Rates

The American Dream is escaping further out of reach for much of the country as mortgage rates soar, but the left-wing media largely squelched the story for five days straight. Americans who get their news from the ABC, CBS and NBC evening news shows weren’t informed that mortgage rates hit record highs for five days straight. 

CNBC reported that the mortgage rates reached their highest levels since 2009. This was during 2009’s Great Recession. But not a single member of the “Big Three” in evening news — ABC World News Tonight, CBS Evening NewsAnd NBC Nightly News — bothered to cover the new mortgage rate explosion during their May 2, May 3, May 4 and May 5 evening broadcasts. CBS and NBC only covered the crisis in housing on their May 6 broadcasts, which lasted just 17 seconds. It seems that the evening networks are determined to protect President Joe Biden against any negative news that might further damage his already fragile credibility in economic matters.



CNBC also noted that “[h]Since July 2006 when interest rates averaged 6.75%, affordability for omebuying has been much better. Then, it took about 34% of the median income to cover the monthly mortgage payment, including principal and interest, for a home purchased with a 20% down payment.” 

To put the mortgage rate spike into perspective, just a year ago the average rate on “America’s most popular home loan,” a 30-year fixed-rate home loan, was 2.96 percent according to The Wall Street Journal. According to Mortgage News Daily, this means that 30-year mortgage rates have risen by an average of 2.66 percent over the past 2021. 

They may be even more inflated by recent Federal Reserve moves. Yet another Journal article explained that the Fed’s decision to raise interest rates “will make it more expensive to buy a home or a car, or carry a credit-card balance.”

Jerome Powell, the chairman of Federal Reserve announced an historic increase in interest rates at a press conference on May 4. The Fed under Powell’s leadership jacked up interest rates to the highest level in more than 20 years in a desperate attempt to curb a 40-year high in inflation, according to NPR.

The Big Three didn’t find the newsworthy new mortgage rate to be significant enough. chief financial analyst Greg McBride reportedly told CNBC: “‘Until we see sustained evidence of inflation pressures moderating, the risk is very much toward higher mortgage rates.’”

Conservatives are being attacked.For more information, contact ABC News (818.460.7477, CBS News (122.953.2477) or NBC News (122.664-6192) and demand accountability for evening news that largely disregards sky-high mortgage rates.

This report was contributed by Kevin Tober, MRC News Analyst

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