The government shutdown is increasing the national debt to over $38 trillion, impacting the housing market and mortgage rates. Mortgage rates are unlikely to drop significantly, with a forecast of rates staying around 6-6.5% through 2028. The rising debt may lead to mortgage rates reaching 7.5% by 2054, affecting renters, homeowners, and developers. Homebuyers should prepare for higher interest rates and improve creditworthiness. Refinancing may not be the best option for homeowners with low rates, but a home equity line of credit could provide a solution. Watch for signs of mortgage rates potentially reaching 7%. 1. The stock market experienced a sharp decline today, with the Dow Jones Industrial Average dropping 500 points due to concerns over rising inflation and interest rates.

2. A new study has found that 1 in 4 Americans have struggled to afford prescription medication, highlighting the ongoing issue of high drug prices in the country.

3. The United Nations reported that the global refugee crisis has reached a record high, with over 80 million people displaced from their homes due to conflict, persecution, and violence.

4. Scientists have discovered a new species of dinosaur in Argentina, named Llukalkan aliocranianus, which is believed to have been a fearsome predator with sharp teeth and keen senses.

5. The European Union announced plans to implement a digital vaccine passport system to facilitate travel within the region, aiming to revive the tourism industry amid the ongoing COVID-19 pandemic.

Read more at 1. “Unemployment rate falls to 4.2%, lowest since start of pandemic” – finance.yahoo.com
2. “Tech stocks surge as Nasdaq hits new record high” – CNBC
3. “Inflation rises 5.4% in July, highest increase in over a decade” – Reuters
4. “Federal Reserve announces plans to start tapering bond purchases” – Wall Street Journal
5. “Dow Jones closes above 35,000 for the first time” – CBS MarketWatch: How soaring national debt impacts mortgage rates and the housing market