President Donald Trump is highlighting what many homeowners have been waiting to hear: mortgage costs are coming down. Speaking at a rally in Pennsylvania on Monday, Trump addressed Americans’ ongoing affordability concerns and didn’t mince words about who he believes caused the problem in the first place—the Biden administration.
According to Trump, “America is winning again” under his leadership. He pointed to a chart showing that annual total mortgage payments jumped by more than $14,600 during Joe Biden’s time in office, while dropping by over $2,900 since Trump returned to the White House. In other words, families are saving nearly $3,000 a year now. Funny how that works when adults are back in charge.
“We went down with our rates, they went up with their rates,” Trump told the crowd. “So with us, you save $2,900—almost $3,000. And with them, you go up. It costs you $15,000. You don’t hear that because the fake news doesn’t tell you that.” Shocking, right?
An analysis by Realtor.com found Trump’s claim is largely accurate when it comes to new homes. The outlet confirmed that annual mortgage payments did rise by roughly $14,600 during Biden’s term and have declined by more than $2,900 since Trump’s return. A White House official explained that the chart was based on the median purchase price of newly built homes, a 10% down payment, and national average mortgage rates from Freddie Mac.
Realtor.com’s own analysis produced similar results, though it noted minor differences in how mortgage rates may have been averaged. For existing homes, the outlet found mortgage payments also surged by about $14,600 during Biden’s term. Savings under Trump’s second term for existing homes were smaller—about $540 annually, or $45 per month—but still moving in the right direction. Progress beats excuses every time.
During Biden’s presidency, mortgage payments skyrocketed due to rising home prices and sharply higher mortgage rates. New home prices climbed more than 20% from January 2021 to January 2025, while average mortgage rates jumped from 2.74% to 6.96%. Existing home prices rose even more dramatically, increasing by 48% over the same period.
Since late 2022, new home prices have trended lower, and mortgage rates have eased to around 6.2% in recent weeks. Realtor.com’s chief economist Danielle Hale noted that presidential terms are long and economic impacts don’t change overnight, making it easier to frame data favorably but harder to assign credit precisely.
Still, the direction matters—and right now, that direction is down. With mortgage costs easing and affordability finally improving, Americans are starting to feel some long-overdue relief. It’s not a miracle, just leadership—and that’s a positive sign for what’s ahead.
