Grant Cardone is getting vocal about housing. The real estate mogul and entrepreneur took to Twitter with strong words on the topic. “The average rate on a 30-year fixed mortgage is 6.84% this week,” he tweeted, citing Freddie Mac data. “The 7th weekly increase over the past eight weeks. If this continues, homeownership is OVER in America.”
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Bold claim? Yeah, but Cardone’s not wrong about rates climbing fast. Mortgage rates have been creeping up for months. They’re at levels not seen in over two decades. For context, the 30-year fixed mortgage rate averaged just 3% in 2021.. Today, it’s more than double that. That spike is slamming potential homebuyers. Monthly payments are skyrocketing and dreams of owning a home feel like a pipe dream.
Cardone is known for his real estate empire and no-nonsense business advice. He has a long history of talking about housing. He’s built his career around multifamily real estate. He also owns thousands of apartment units across the U.S. and has never been shy about saying homeownership isn’t for everyone. But this time, it’s different. He’s not just talking about the challenges of owning a home. He’s saying rising rates could kill the American dream altogether.
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He didn’t stop there. “America should have the best housing & the lowest interest rates in the world,” he added. A big statement, but Cardone has a point. Higher rates don’t just hurt buyers. They ripple through the entire economy. Housing is a massive driver of growth. When people can’t buy, homebuilders stop building and industries like construction and home goods take a hit.
Cardone’s tweet reflects the frustration of many. Rising rates are making housing unaffordable for millions. In 2021, the average 30-year fixed mortgage rate was 3%. A $300,000 mortgage at 3% costs around $1,265 a month. At today’s rates? That same loan will set you back over $2,000. That’s not chump change.
