President Donald Trump is pointing to a decline in mortgage rates since his return to the White House, contrasting current figures with higher borrowing costs during Joe Biden’s administration and framing the change as a sign of economic improvement.
In a post on Truth Social, Trump shared a graphic claiming that mortgage rates now stand at 5%, compared with levels of 6%, 7%, and 8% under Biden. The source of the specific numbers cited in the post was not immediately identified.
When Biden entered office in January 2021, mortgage rates were hovering near record lows, with the average 30-year fixed loan at roughly 2.7%. Over the following two years, however, rates climbed steeply as inflation accelerated and the Federal Reserve responded with a series of sharp interest rate hikes. By 2023, mortgage rates had risen above 7%, reaching their highest point in more than 20 years.
Although rates moderated somewhat in 2024, they remained well above the historic lows seen earlier in the decade.
Since Trump took office again in January 2025, borrowing costs for home loans have edged down slightly, with average 30-year rates settling into the low-6% range in the opening weeks of 2026.
Financial analysts caution that while presidential administrations can shape broader economic policy, mortgage rates are influenced primarily by inflation expectations, movements in the bond market, and decisions made by the Federal Reserve. As a result, they are not determined by the actions of any one president alone.
“Joe Biden’s inflation crisis crushed the dream of homeownership for millions of Americans — but President Trump is bringing it back,” White House press secretary Karoline Leavitt told Fox News.
“Thanks to the President’s successful economic policies, unnecessary red tape is being cut at a historic pace, borrowing costs are easing, and income growth is outpacing home price gains — finally making housing more affordable again.”
Leavitt added: “President Trump knows America is strongest when it’s a nation of owners, not renters, and he is determined to unlock that opportunity for as many American families as possible.”