Trump's mortgage rate promise unfulfilled as rates hit 7% again
The president promised to slash mortgage rates to 2% but they're rising, Treasury yields near 2008 lows, and midterms approach.
What to know
- Trump promised in 2024 to lower mortgage rates to 2% if reelected; they are now at 7%, highest in a year, after Federal Reserve rate increases.
- Treasury yields have reached levels unseen since before the 2008 financial crisis, signaling further rate increases ahead for mortgages and consumer loans.
- With midterm elections weeks away, Trump is attributing economic discontent to the Biden administration despite mortgage deterioration occurring under his presidency.
“Today the mortgage rates are at 10 percent, 11 percent, 12 percent”
Donald Trump, U.S. President · Public Notice ↗ · Aug 31
Donald Trump U.S. PresidentFederal Reserve Central banking authority
How it unfolded 2 developments, newest first · click a bar or a number to jump articlesposts
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Mortgage rates top 7% for first time in a year
Mortgage rates reached 7% for the first time in a year. Treasury yields recently touched levels not seen since just before the 2008 financial crash, with further rate increases expected on credit cards, auto loans, and other borrowing.
“Just weeks out from midterms that are shaping up to be a bloodbath for Republicans, Trump and his minions are resorting to blaming Biden every opportunity for the fact Americans are deeply dissatisfied with the economy. But the fact of the matter is that Trump has no one to blame but himself.”
— Aaron Rupar, Public Notice editor · source -
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At a campaign rally in Arizona almost exactly two years ago, Donald Trump promised that interest rates on home mortgages would fall if he was again elected president. “Today the mortgage rates are at 10 percent, 11 percent, 12 percent,” Trump said at the rally, incorrectly inflating rates that were around 7 percent at the time. “We will drive down…
2 more of the top 3 · 3 posts in this stretch
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"Just weeks out from midterms that are shaping up to be a bloodbath for Republicans, Trump and his minions are resorting to blaming Biden every opportunity for the fact Americans are deeply dissatisfied with the economy. But the fact of the matter is that Trump has no one to blame but himself."
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New in PN: There’s one guy to blame for Americans’ economic discontent It ain't Biden. https://www. publicnotice.co/p/trump-econom ic-policy
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Public NoticeTrump alone responsible for mortgage rate failure
Public Notice analysis argues that Trump has failed to deliver on his 2% mortgage rate promise and is now blaming Biden for economic discontent weeks before midterm elections that polling suggests will be damaging for Republicans.
“Trump has no one to blame but himself.”
— Aaron Rupar -
background
Federal Reserve raises interest rates to combat inflation — The Federal Reserve raised interest rates in an attempt to lower inflation that is affecting Americans' day-to-day finances.
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Trump promises 2% mortgage rates at Arizona rally — At a campaign rally in Arizona, Trump promised that if reelected, he would lower mortgage rates to 2% and enable Americans to refinance homes at drastically lower costs. At the time, mortgage rates were around 7%, but Trump stated they were at 10-12%.
Also covered reported alongside — the timeline has no entry for these yet
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first by Mastodon, 3d ago · also Public Notice