Comptroller Levine emphasized that the Adams Administration’s FY26 spending levels, which exceed revenue, and failure to properly budget for known, re-occurring expenses, have led to unusually high budget deficit projections for FY26 and FY27.
Long-term mortgage rates can be expected to trend lower because lower inflation means less added premium to borrow money. But rates will not return to the 4%–5% range that occurred during Trump’s first term.
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