As the Associated Press reported, the average long-term U.S. mortgage rate climbed further above 7% last week, reaching its highest level in more than 20 years.

First, we should be relieved that our unemployment rate is at historic lows. A rate of 3.5 percent in July, according to the Bureau of Labor Statistics, is reassuring. But, as good as this is, it clearly is not our entire economic picture.

Moreover, there is a real risk that the more worrisome parts of our economic picture will catch up to the job market and reverse this one positive trend.

We need our public servants — at the federal and state level — to be more responsive to our other economic concerns. While inflation has leveled off somewhat from the alarming rate we saw a year to two years ago, it continues to apply undue pressure to American families’ budgets.

And the Federal Reserves’ “solution” to inflation, a bevy of interest rate increases that have trickled down to mortgage rates, presents more challenges to Americans looking to buy a home.

Perhaps the focus of our public servants should be in addressing the other challenges confronting would-be homeowners — the lack of available housing. We certainly believe permitting reform and a concerted effort to push back on the “not-in-my-backyard” mentality that cheats its adherents’ neighbors out of opportunities is necessary. It may well be the first and most important step in correcting this challenge.

We believe we also need our federal lawmakers and White House to be more responsive and proactive in addressing the cost of living. Certainly higher energy bills contribute to the expenses that consumers encounter. A better energy strategy that rejects environmental alarmism would also help curb inflation.

Whatever the specific contours of federal and state responses to higher prices and other obstacles to consumers — Americans buying homes and Americans buying other goods and services — the efforts so far have not been as urgent or as aggressive as necessary.