Mmastodon BusinessEconomy first seen 9 h ago, last 9 h ago, peak #6

Mortgage rates top 7% despite Trump's 3% pledge

Original: TAPPER: Two years ago, President Trump said he thought he could get mortgage rates down to 3% or even lower. Last week m

CNN's Jake Tapper confronted White House economic adviser Kevin Hassett with Trump's two-year-old promise to bring mortgage rates down to 3% or lower, noting rates just posted their biggest weekly jump in four years to above 7%. Hassett rejected the premise, defending the administration's economic record as critics seize on the gap between the pledge and reality.

Why now: Mortgage rates surging above 7% directly contradicts Trump's high-profile promise, fueling political criticism.

Donald TrumpJake TapperKevin HassettCNN

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Evidence

• TAPPER: Two years ago, President Trump said he thought he could get mortgage rates down to 3% or even lower. Last week mortgage rates had the biggest weekly jump in four years. It's more than 7%. Why has Trump failed to deliver on that promise? HASSETT: President Trump hasn't… · AfroIsReborn · 2

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