Former President Trump expressed on an upcoming segment of Meet the Press with Kristen Welker that interest rates are incredibly high right now. The interview will run on Sunday.
Trump said people are unable to enter the housing market. They are helpless and have no options with the rates so high.
To slow inflation, the Federal Reserve raised interest rates in July to their highest level in 22 years. Inflation fears have led to 11 rate increases by the Fed since March 2022.
Trump has already said he will not renominate current Fed Chair Jerome Powell if he should regain the presidency. After being nominated by Trump in 2018, he was re-nominated by Biden for a second four-year term in office.
According to the latest figures from the Consumer Price Index, consumer prices rose 3.7% annually and 0.6% month over month. Experts believe the Fed will maintain current interest rates despite the August increase.
Inflationary forces in the United States have kept mortgage rates steady for the past six weeks at or above 7%.
Freddie Mac said the average rate for a 30-year fixed-rate mortgage increased slightly from the previous week to 7.19% for the week ending September 21. The rate on a 30-year fixed loan was 6.29 percent a year ago.
Mortgage applications from thousands of lenders nationwide calculate Freddie Mac’s national average mortgage rate. Only those who paid down 20% and have stellar credit scores were included in the survey.
As a result of the Federal Reserve’s historic campaign to limit inflation, mortgage rates have risen sharply. Housing affordability has hit a multi-decade low due to rising mortgage rates and housing prices.
Because of the high-interest rates, homeowners who have already locked in cheaper rates are unwilling to sell their houses and make way for new purchasers. Overall home sales are 20% lower this year compared to last year due to a lack of available homes and increased prices.