Mortgage Rates Above 7% — OGM News| In a moment tailor-made for political satire, National Economic Council Director Kevin Hassett was asked on CNN why President Donald J. Trump had failed to deliver on his earlier promise to bring mortgage rates dramatically lower. Hassett rejected the premise altogether, declaring that Trump “hasn’t failed to deliver at all” because, in his assessment, “the economy is booming.” The exchange comes as the average 30-year fixed mortgage rate has climbed to 7.28%, according to Freddie Mac, its highest level in nearly three years. CNN Transcripts
Mortgage Rates Above: When the Mortgage Rate Is 7.28%, But the Answer Is “Look at the Economy”
Mortgage Rates Above 7% — OGM News| Hassett’s argument was essentially that Americans should judge the economy by the broader numbers rather than mortgage rates alone. During the CNN interview, he pointed to income growth, housing activity and consumer spending, arguing that a strong economy can support people buying homes even when borrowing costs remain elevated. He also said mortgage rates should eventually decline as inflation falls toward 1% to 2%. CNN Transcripts
The problem for would-be homeowners is that the mortgage market does not appear particularly interested in political optimism. Freddie Mac reported that the average 30-year fixed rate jumped from 7.03% to 7.28% in one week, while the comparable 15-year rate reached 6.60%. Mortgage rates are influenced heavily by longer-term Treasury yields and broader financial-market expectations, meaning a president cannot simply order them down from the Oval Office. Freddie Mac
The “Booming Economy” Meets the Homebuyer’s Calculator As Mortgage Rates Above
Mortgage Rates Above 7% — OGM News| There is, however, another side to Hassett’s defense. Recent economic data have provided the administration with some genuinely positive numbers, including solid growth and strong investment activity. Hassett has repeatedly argued that the headline economic picture is stronger than some of the public sentiment suggests, pointing to income growth, investment and demand as evidence that the economy remains resilient. CNN Transcripts
That does not necessarily make the housing frustration imaginary. Higher mortgage rates translate directly into larger monthly payments, while elevated home prices continue to make purchasing difficult for many households. Freddie Mac’s latest figures show the 30-year rate is also substantially above the 6.34% recorded at the same time last year. So, somewhere between the White House’s economic scoreboard and a prospective buyer’s mortgage calculator sits the uncomfortable political question: if the economy is booming, why does buying a home still feel so painfully expensive? Freddie Mac
Mortgage Rates Above 7% — OGM News| For OGM News, the dispute is less about whether positive economic indicators exist and more about which economic reality Americans actually experience. Hassett says the hard data tell a story of a booming economy, while mortgage borrowers are staring at rates above 7% and wondering when the promised relief will arrive. As the administration continues defending its economic record and President Trump continues pushing for lower borrowing costs, OGM News will be watching the numbers — and, perhaps more importantly, watching whether those numbers eventually translate into cheaper mortgages for ordinary Americans.
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