Treasury Secretary Scott Bessent said during a Sunday interview with CBS News that the Trump administration is “working every day” on the affordability crisis in the U.S.
Margaret Brennan, the host of “Face the Nation,” spoke with Bessent, discussing a poll showing that at least half of Americans report “concern about paying for food and groceries and housing.”
“And I will tell you, President Trump was elected, one of the reasons was the affordability crisis, and we are setting about doing that,” Bessent began.
“I can tell you, we’re working every day. What I will point out, interest rates, the 10-year bond, which I am focused on, have been down every week since President Trump was president. Mortgage rates have been down every week. So that’s a pretty good start,” he continued.
Bessent also said the administration is in the process of deregulating and cutting back government spending.
The Treasury secretary claimed the “four years of disastrous policies” were to blame for the “gigantic deficits” that ultimately “led to the affordability problem.” (RELATED: Scott Bessent Unpacks Plan To Try To Reduce Regulatory Burden).
“What we had was a demand shock from the government spending that was met by supply constraints with overregulation,” he explained.
Bessent then told Brennan that interest rates being down is a “very good start toward housing affordability, toward auto affordability.”
U.S. mortgage rates climbed to a nearly six-month high at the end of 2024, according to the Mortgage Bankers Association. At that time, the average interest rate for 15-year fixed-rate mortgages increased from 6.37% to 6.43%; 30-year fixed-rate mortgages with loan balances of $766,550 or less climbed from 6.89% to 6.97%. According to a subsequent Feb. 26, 2025 report, the average contract interest rate for 15-year fixed-rate mortgages decreased from 6.31% to 6.25%; 30-year fixed-rate mortgages with loan balances of $766,550 or less decreased from 6.93% to 6.88%.
Bessent also said the Treasury department plans to appoint an “affordability czar,” which he defined as, “Someone who picks the five or eight areas where this administration can make a big difference for working-class Americans.”
“Look, I think President Trump said that he’ll own the economy in six or 12 months. But I can tell you that we are working to get these prices down every day,” Bessent reiterated.
