This month, mortgage rates rose to nearly 7%
Donald Trump has made housing unaffordable for everyday Americans. The average household has shelled out an extra $757 on housing costs, including rent and mortgage payments, since Trump took office, and mortgage rates have hit their highest level in over a year. Yet, Trump refused to sign a bipartisan housing affordability bill, calling it “so unimportant” and a “big yawn.” Earlier this year, Trump even reportedly told House Speaker Mike Johnson that “no one gives a [bleep] about housing” — despite housing being the top political issue for young voters.
Housing starts plummeted by 12.4% in July, as the housing market has “struggled to gain momentum.” Home builder sentiment remains low due to skyrocketing construction costs and elevated economic uncertainty stemming from Trump’s reckless tariffs and war with Iran, with better conditions only existing “at the higher end of the market.” Additionally, pending home sales fell in July as consumers pulled back because of high mortgage rates.
It’s no wonder corporate executives warn of a “frozen” housing market as customers remain hesitant and worried about “inflation” and “fuel costs.”
