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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Kevin Hassett says the administration wants mortgage rates to fall and recognizes the strain on first-time buyers. But his explanation for why rates can remain high is that strong economic growth can also increase businesses’ demand for long-term borrowing, including to build factories. That is an explanation of competing pressures—not a promise that mortgage rates will drop soon.
What Hassett said about mortgage rates
On Oct. 2, 2026, White House National Economic Council Director Kevin Hassett appeared on Fox News Channel’s America’s Newsroom. Host Bill Hemmer described mortgage rates as above 7% and asked about their effect on buyers. That was the host’s characterization during the segment, not a verified live rate average. Breitbart’s Oct. 2 report records Hassett’s response.
Hassett said that strong economic growth can push longer-term interest rates up as companies compete for capital to build factories. In his account, businesses borrowing to invest may leave less capital available for other borrowers, including people seeking home loans. He also said the administration wants mortgage rates to go down and understands the pain facing first-time homebuyers. He referred to policies that officials planned to discuss, but the exchange did not establish a specific proposal’s effect on mortgage costs.
The title’s wording is an editorial rendering of Hassett’s position, not a verified verbatim sentence. The available report supports the substance of his remarks, but not that exact phrase as a direct quotation.
Why strong growth can put pressure on long-term rates
Mortgage rates are influenced by longer-term borrowing costs, not just by whether the economy is growing or whether officials say they want rates lower. When companies expect to expand and borrow for projects such as factories, their demand for capital can put upward pressure on long-term rates. That is the mechanism Hassett described; the exchange does not quantify how much factory borrowing affects mortgage rates or establish that it is the only factor.
Hassett’s point is that two things can be true at once: a stronger economy may support jobs and household incomes, while investment demand can make long-term borrowing more expensive. His argument does not amount to a forecast that mortgage rates will decline by a particular date or amount.
What the rate figures do—and do not—show
The figures mentioned in the coverage are tied to different dates and sources, so they should not be read as conflicting readings of the same market moment:
| Figure | Source and date | What it represents |
|---|---|---|
| 6.66% | Freddie Mac’s Primary Mortgage Market Survey, reported Aug. 27, 2026 | A dated weekly average for a 30-year fixed-rate mortgage. The preceding week’s average was reported as 6.65%. |
| Above 7% | Fox News host Bill Hemmer’s description during the Oct. 2, 2026 exchange | The host’s characterization of rates in that segment, not a separately verified live average in the report. |
The 6.66% figure was reported by RISMedia on Aug. 27. It is a historical weekly survey value, not a current quote or a prediction.
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Will mortgage rates come down soon?
The remarks do not answer that question with a date or a forecast. Hassett has described lower rates as a desired outcome of economic policy, but he also acknowledged forces that can push longer-term rates up. His Aug. 7, 2026 press briefing cited real income growth, reducing barriers to home construction, and supply-side policies that could ease inflationary pressure and give the Federal Reserve room to cut rates. Those are his stated policy arguments, not measured estimates of how much any policy would lower a borrower’s mortgage rate. The briefing transcript provides that context.
For a prospective buyer, the practical implication is to plan around a range of possible rates rather than assume a near-term decline. Compare the payment at the rate a lender actually offers, and consider whether the purchase remains affordable if rates do not fall on the timeline you hope for.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Would lower rates make homes affordable?
Lower mortgage rates can reduce the cost of borrowing for a given loan amount, but they are only one part of affordability. Home prices, household incomes, the number of homes available, and the buyer’s other expenses also matter. A lower rate does not guarantee a lower home price or make every purchase manageable.
Housing supply can also be affected by “rate lock”: owners with comparatively low-rate mortgages may hesitate to sell if moving means taking out a new loan at a higher rate. That reluctance can keep some homes off the market. In a June 30, 2026 discussion, an Atlanta Fed interviewee said that affordability in some markets also depends on home prices becoming more aligned with incomes. The Atlanta Fed conversation discusses these pressures; it does not establish that one factor alone determines local affordability.
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How to use this information when deciding whether to buy
- Use a current lender quote for your own budget. A national survey average or a host’s on-air description is not your personal offer.
- Check the full monthly cost. Include principal and interest as well as property taxes, homeowners insurance, and any applicable mortgage insurance or association fees.
- Stress-test the payment. Consider whether it fits your budget if rates stay near the quote you have, rather than relying on a refinance or future rate cut.
- Weigh price and availability, not only the rate. A lower rate may help the payment, while home prices, income, and the supply of suitable homes determine whether a purchase works for you.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
