Trump Calls for Interest Rate Cut as US Mortgage Rates Hit New High

President Trump has called for interest rates to be reduced to 1% or lower. The Federal Reserve recently raised its benchmark interest rate by a quarter-point, setting it at 3.75% to 4.00%. This move comes as the average long-term U.S. mortgage rate continues to rise.

The latest data from Freddie Mac shows that the benchmark 30-year fixed-rate mortgage rose to 7.28%, its highest level since November 2023. In fact, it's been six consecutive weeks of increases, with the average rate now at its highest point since November 22, 2023.

Sam Khater, chief economist for Freddie Mac, stated that purchase demand has remained relatively stable, indicating 'steady interest from buyers adapting to evolving market conditions.'