Treasury Secretary Scott Bescent said in an interview with CBS News on Sunday that the Trump administration “works every day” about the US affordability crisis.
Margaret Brennan, host of “Face the Nation” spoke Together with Bessent, they are discussing a poll showing that at least half of Americans report “concerns about food, groceries and housing payments.”
“And I say President Trump has been elected. Part of the reason is the affordability crisis and we’re deciding to do that,” Bescent began.
“I can tell you, we work every day. What I point out, interest rates, the 10-year bonds I’m focusing on have been declining every week since President Trump became president. Mortgage fees are falling every week. That’s a pretty good start,” he continued.
Bessent also said the administration is in the process of deregulating and reducing government spending.
The Treasury Secretary argued that “four years of disastrous policies” was to condemn the “huge deficit” that ultimately “leaded to affordability issues.” (Related: Scott Bessent plans to ease the regulatory burden).
https://www.youtube.com/watch?v=cnqwsxp82xu
“What we had was a demand shock from government spending that was met by supply constraints due to overregulation,” he explained.
Bescent then told Brennan that lowering interest rates is a “very good start to the affordable, automatic affordable price.”
U.S. mortgage fees rose to nearly six months at the end of 2024. According to To the Mortgage Banking Association. At the time, the average interest rate on fixed-rate mortgages in 2015 increased from 6.37% to 6.43%. The 30-year fixed-rate mortgage with a loan balance of less than $766,550 has risen from 6.89% to 6.97%. Then February 26th, according to 2025. Reportthe average contract interest rate for fixed-rate mortgages for 15 years fell from 6.31% to 6.25%. The 30-year fixed-rate mortgage with a loan balance of less than $766,550 has dropped from 6.93% to 6.88%.
Bessent also said the Treasury had planned to appoint an “affordable emperor” and defined it as “someone who chooses five or eight areas where this administration can make a big difference for working-class Americans.”
“Look, I think President Trump said he’ll own the economy in six or 12 months. But we can tell you that we’re working to lower these prices every day,” Bescent repeated.
