Affordability is back in focus as mortgage rates approach 7%, gasoline prices near their highest levels since 2022, and the Federal Reserve raises interest rates for the first time in three years. The higher costs are affecting major household expenses, from buying a home to filling a gas tank, just before midterm elections that will determine control of Congress. Joe Brusuelas, chief economist at RSM, said average households may be questioning why costs have risen so sharply. President Trump’s tax cuts, reduced regulations and historic AI spending have supported growth and investment, while tariffs and the data-center build-out have contributed to inflation. The war with Iran has added an energy shock, pushing up gasoline, diesel and heating-oil prices.