President Donald Trump said Friday that "Even Fake News CNN is praising the DROP in Mortgage Interest Rates!" as new Freddie Mac data showed the average 30-year fixed mortgage rate fell to its lowest level since September 2022, a drop that could loosen a housing market locked up by high borrowing costs.
Trump posted the message on Truth Social late Friday, pointing to CNN coverage of falling borrowing costs after weeks of White House messaging aimed at pushing mortgage rates lower.
Freddie Mac reported the average 30-year fixed mortgage rate was 6.06% for the week ending Jan. 15, down from 6.16% the prior week and 7.04% a year earlier. Freddie Mac said rates were last this low in September 2022.
Freddie Mac Chief Economist Sam Khater said the decline is already showing up in demand.
"The impacts are noticeable, as weekly purchase applications and refinance activity have jumped, underscoring the benefits for both buyers and current owners," Khater said.
"It’s clear that housing activity is improving and poised for a solid spring sales season," he said.
The rate slide follows Trump publicly pressing for large-scale mortgage bond purchases to lower borrowing costs.
In a separate social media post earlier this month, Trump wrote: "I am instructing my Representatives to BUY $200 BILLION DOLLARS IN MORTGAGE BONDS. This will drive Mortgage Rates DOWN, monthly payments DOWN, and make the cost of owning a home more affordable."
Susan Wachter, a real estate professor at the University of Pennsylvania’s Wharton School, told Reuters that those purchases could be exerting short-term pressure on rates, while cautioning that she had not yet seen buying on the scale Trump described.
Housing market activity, meanwhile, is showing signs of thawing.
The National Association of Realtors reported existing-home sales rose 5.1% in December from November, the fourth straight monthly gain.
The median existing-home sales price was $405,400 in December, up 0.4% from a year earlier.
Some economists and housing analysts have warned that cheaper financing alone may not fix affordability if tight inventory keeps prices elevated, while others argue that lower rates can still widen access for qualified buyers and help unlock movement for current homeowners.
Fed Chair Jerome Powell said "housing supply is low" even as borrowing costs ease, while Zillow Chief Economist Skylar Olsen warned, "Lower mortgage rates won't alleviate the housing market's underlying issues of affordability and inadequate supply."
Mortgage Bankers Association CEO Bob Broeksmit added, "The lock-in effect continues to suppress existing inventory levels," even as Freddie Mac Chief Economist Sam Khater reported "weekly purchase applications and refinance activity have jumped."
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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