Dear Reader,
THE 30-YEAR MORTGAGE IS 7.32%.
One year ago it was 6.19%. That is not progress. That is a trap. They told you they were winning the inflation fight. They were wrong. Or they were lying. Pick one.
Inside today's issue:
- The Number Nobody Wants to Say: Mortgage rates are above 7% for the 11th straight week. Here is what the Fed is hiding behind the headline.
- The Bond Market Is Talking: The 10-year Treasury yield hit 5.15% this month, a 19-year high. It means something the mainstream press will not say out loud.
- The Cycle Call: Every great empire priced its middle class out of hard assets before the collapse. Rome did it. Britain did it. We are watching it happen in real time.
- Larry Benedict: Oil Skimming: Larry Benedict just released a new presentation on a strategy called "Oil Skimming." It's worth a look. (Brownstone Research)
THE TRAP
Let me give you the number the Federal Reserve does not lead with.
The 30-year fixed mortgage rate is 7.32% this week. One year ago it was 6.19%. That is an 18% jump in your borrowing cost in 12 months.
Meanwhile, Washington keeps taking a victory lap.
"Bond yields are elevated globally due to a confluence of factors, including rising federal deficits that increase government bond issuance and an artificial intelligence boom driving corporate borrowing."
Read that again slowly. The government is running trillion-dollar deficits. That forces the Treasury to issue more bonds. More bonds means lower prices. Lower prices means higher yields. Higher yields means your mortgage rate stays above 7%. THEY built the trap. YOU are in it.
THE NUMBERS
Here is what the data shows right now:
- 30-year fixed mortgage: 7.32% as of October 22, 2026 (Freddie Mac)
- One year ago: 6.19%. An 18% increase in your cost to borrow.
- 10-year Treasury: 4.96% today. Hit 5.15% on October 14. That is near a 19-year high.
- CPI September 2026: +3.7% year over year. Still well above the Fed's 2% target. Still. After all of this.
- Fed meeting: October 28. Expected to hold rates. No relief coming.
First-time homebuyers are not buying. Existing homeowners are not selling. Nobody wants to trade a 3% mortgage from 2021 for 7.32% today. The market is frozen. The dream is priced out.
THE CYCLE CALL
I have been studying monetary history for 50 years. What is happening now is not new.
In 1971, Nixon closed the gold window. The dollar was no longer backed by anything real. What followed: inflation spikes, rate shock, housing chaos. Sound familiar?
Every government that prints money to cover its debts ends up pricing its own middle class out of hard assets. They do not plan it. It happens automatically. The math is simple. The outcome is always the same.
And here is the part I want you to sit with before we continue.
While your mortgage rate climbed 18% in one year, AI insiders in San Francisco went on a real estate buying spree. New millionaires. New mansions. Same city. Different economy.
There is a briefing I want you to see about how regular people can get to the other side of this divide.
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THE PLAY
My rich dad taught me one thing above all others: when governments debase the currency, own the things they cannot print.
Gold. Silver. Bitcoin. Real estate in the right markets. These are the toll booths. They collect whether the dollar is strong or weak.
The people locked out of housing today are not bad with money. They trusted paper. They trusted the Fed. They trusted a system that printed its way out of every problem since 2008.
I started buying silver in 1965 for 25 cents a coin. I did not trust the system then. I trust it even less now.
The answer is not to wait for rates to drop. The answer is to own the things that get more valuable when the dollar gets cheaper. That has always been gold, silver, real estate, and Bitcoin. It is not complicated. Most people just do not do it.
Do not be most people.
To your freedom,
Robert Kiyosaki
Author, Rich Dad Poor Dad
P.S. The book Hedge Fund Market Wizards profiles some of the greatest traders alive. And our friend Larry Benedict has his own chapter. Now this former hedge fund manager is turning to oil, and he says the market conditions forming right now are some of the best he's seen in 40 years. Watch the free presentation here.