00:00It's Benzinga, bringing Wall Street to Main Street
00:02Mortgage rates climbed further above 7% this week, nearly two years after Trump said they
00:06could fall to 3% or lower, according to Benzinga. Freddie Mac said the average 30-year fixed-rate
00:12mortgage rose to 7.28% as of October 1, up from 7.03% a week earlier and 6
00:19.34% a year ago.
00:20The rate is the highest recorded by Freddie Mac since Trump took office on January 20,
00:252025. Trump made the remarks at the Economic Club of New York on September 5, 2024. He said
00:31mortgage rates could fall to 3% or lower, which he argued would make housing more affordable and
00:36help younger Americans buy homes. In a post on X, Mark Goldwine of the Committee for a Responsible
00:42Federal Budget said Thursday he would be extremely concerned if mortgage rates were headed to 3%,
00:47responding to a post about Trump's 2024 comments. Totality chief economist Selma Hepp said mortgage
00:54rates could reach 9% if Treasury yields climb towards 6% to 7%, though she expects rates
00:59to remain around 7% under current bond market conditions. For all things money, visit Benzinga.com.
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