Treasury Secretary Scott Bessent said Wednesday that the housing market is showing signs of improvement under President Trump, pushing back on critics who have questioned the state of the economy and affordability.
Appearing on Fox News’s “America Reports,” Bessent argued that the administration has been closely focused on stabilizing and strengthening the housing sector. “President Trump is laser-focused on the housing market, and things have gotten better,” Bessent said. He pointed to what he described as tangible signs of progress, including mortgage rates hitting a three-year low last month.
Bessent also noted that the Federal Reserve lowered rates twice following a recent appearance referenced during the interview. According to the Treasury secretary, the 10-year Treasury yield has declined, and the spread between Treasury bonds and mortgage rates has narrowed — a development he said is particularly significant for prospective homebuyers.
“That is helpful,” Bessent said, adding that the amount of income needed to purchase the average home has fallen by about 4 percent. He further emphasized that rents are declining nationwide, suggesting some easing in broader housing costs.
The comments come as President Trump continues to face scrutiny over economic conditions, particularly as they relate to housing affordability. During the 2024 presidential campaign, Trump frequently criticized former President Biden’s administration for rising prices, including increases in everyday goods such as bacon, cereal and crackers. Inflation and cost-of-living concerns became central campaign themes.
In recent months, however, Trump has confronted criticism of his own economic messaging. Democratic lawmakers took aim at the president last month after remarks he made about wanting to “drive housing prices up” for current homeowners. During a Cabinet meeting in January, Trump said he aimed to preserve and enhance the value of homes for those who already own property.
“We’re not going to destroy the value of their homes so that somebody that didn’t work very hard can buy a home,” Trump said at the time. “I don’t want to drive housing prices down. I want to drive housing prices up for people who own their homes. And they can be assured that’s what’s going to happen.”
Democrats seized on those comments, arguing that higher home prices could further strain affordability for first-time buyers. Supporters of the president, meanwhile, have framed his remarks as a defense of middle-class homeowners who rely on property values as a key source of wealth and financial security.
As the political debate continues, lawmakers on Capitol Hill are advancing legislative efforts aimed at addressing the housing crunch. On Monday, the House passed a bipartisan and comprehensive housing package by a wide margin. The measure is designed to tackle what lawmakers have described as an American affordability crisis and to expand access to homeownership.
The legislation now heads to the Senate, where changes are expected before any final version is approved.
For now, Bessent and the Trump administration are highlighting what they see as measurable improvements in rates, affordability metrics and rental prices. Whether those trends continue — and whether Congress can forge a final bipartisan agreement — will likely shape the next chapter in the ongoing debate over housing and the broader economy.
