During his presidency, donald trump made numerous bold promises to Americans, one of the most notable being his vow to bring mortgage rates down to 3%. The promise of historically low rates was a cornerstone of his pitch to voters, aiming to make homeownership more affordable for millions of Americans. However, as we reflect on the current state of the housing market, it’s clear that this dream remains unfulfilled.

As home prices soar to unprecedented levels and mortgage rates hit their highest levels since the 2008 financial crisis, the dream of affordable homeownership has become increasingly out of reach for many Americans. What was once a tangible hope under Trump’s leadership has become an elusive goal for a significant portion of the population.

A Housing Crisis in the Making

The housing market is in a state of turmoil. home prices have skyrocketed in recent years, driven by limited inventory, high demand, and inflationary pressures. In tandem with these soaring prices, mortgage rates have climbed to levels not seen since the peak of the financial crisis over a decade ago.

The result? An estimated one-third of American households find themselves effectively locked out of homeownership. For these families, the prospect of purchasing a home is a distant dream. With interest rates pushing well beyond the 3% promise, monthly mortgage payments have surged, pushing many prospective buyers to the sidelines.

The Strain on First-Time Buyers

First-time homebuyers have been particularly hard-hit. Many are left grappling with higher down payments, stricter lending standards, and the burden of rising rates. What was once an affordable entry into the housing market has become a daunting financial hurdle. As mortgage rates climb toward 7% or even higher, affordability becomes a critical issue, especially for younger buyers just entering the market.

The Broken Promise of 3% Rates

Trump’s promise of a 3% mortgage rate was based on the idea that, with the right economic policies, the Federal Reserve could create an environment conducive to low interest rates. While rates did briefly dip near 3% during the tail end of his presidency, they quickly began to climb in the years that followed.

The Federal Reserve’s aggressive actions to curb inflation and the economic volatility resulting from the COVID-19 pandemic have only exacerbated the situation, pushing rates higher and leaving the promise of 3% rates a distant memory.

For many Americans, Trump’s original promise of accessible mortgages at low rates has become a painful reminder of the gap between political promises and the harsh realities of the housing market. As the housing crisis deepens, the question remains: how will the next administration address the widening gap between homeownership dreams and the reality of an increasingly unaffordable market?

In conclusion, while Trump’s promise to bring mortgage rates down to 3% may have captured the hopes of many, it remains largely unfulfilled in the data-face of rising rates and home prices. With an estimated third of the country locked out of the housing market, the dream of homeownership feels farther out of reach than ever before.