Mortgages Hit 3-Year High: How Payments Have Risen Under Trump
Summary
Mortgage rates in the U.S. have reached 7.40%, the highest point in almost three years. This increase has made monthly home payments more expensive for buyers and comes as a key economic concern ahead of the November midterm elections under President Trump’s administration.Key Facts
- The average 30-year fixed mortgage rate rose to 7.40% as of October 8, up from 7.28% the previous week.
- Mortgage rates have climbed for seven weeks in a row and are higher than the 6.30% rate from a year ago.
- When President Trump took office in January 2025, the average rate was 6.91%.
- The median U.S. home price is about $419,250 as of September 2026.
- Buyers now pay roughly $246 more per month or $2,954 more per year on their mortgage compared to last year.
- Compared to the start of President Trump’s term, monthly mortgage payments are about $111 higher for the same home price and down payment.
- Higher mortgage costs make buying a home harder and can reduce home sales and available homes for sale.
- The rising cost of living, including housing expenses, is a top issue for voters approaching the midterm elections.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
