White House on High Mortgage Rates: Rates Can Rise Due to Factory Boom
3 Articles
3 Articles
White House on High Mortgage Rates: Rates Can Rise Due to Factory Boom
On Friday’s broadcast of the Fox News Channel’s “America’s Newsroom,” White House National Economic Council Director Kevin Hassett argued that when there is strong growth, “then longer-term interest rates can sometimes go up, not because of inflation, but because, like,
Hassett Says Factory Investment Boom Is Driving Up Mortgage Rates
White House economic adviser Kevin Hassett said mortgage rates above 7 percent partly reflect businesses borrowing heavily to build factories, even as he said the administration wants rates to fall and has policies coming for first-time homebuyers.
The average 30-year fixed mortgage rate in the United States reached 7.28% on October 2nd, a new high since 2023. Kevin Hassett, director of the White House National Economic Council, said in an interview that the booming manufacturing sector is likely pushing up interest rates because "these businesses have a high demand for capital." He believes, "Trump economics has definitely worked."
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