Most Americans want lower mortgage rates, but the president can’t directly control them. However, the president does influence rates through appointees, policies, and public statements that impact the 10-year Treasury yield, which in turn affects mortgage rates. Federal Reserve decisions also play a significant role in determining interest rates.

The president’s economic policies, such as tax cuts or tariffs, can influence inflation and the Federal Reserve’s decisions about interest rates. Additionally, policies related to home prices, housing demand, and supply can impact mortgage rates. Even seemingly unrelated policies like immigration can indirectly affect housing and mortgage rates.

To potentially lower your mortgage rate, consider strategies like increasing your credit score, buying discount points, or shopping around for the best lender. Making a larger down payment can also help secure a lower rate. Mortgage rates are influenced by various factors, including Federal Reserve policy, inflation, the job market, and individual financial factors.

Mortgage rates often drop when inflation falls, home-buying demand slows, the economy cools, or 10-year Treasury yields decline. While ultra-low rates like those seen during the COVID-19 pandemic are unlikely to return without extreme economic circumstances, borrowers can take steps to secure a more favorable rate.

Read more at Yahoo Finance: Does the president affect mortgage rates?