Economic instability is keeping the housing market at a standstill, with the number of new home owners at its lowest point in three decades. Interest rates currently sit between 4.25% to 4.5%, about 1% lower than they were this time last year. But mortgage rates are still above 6.5%, nearly double what they were five years ago. The housing market has felt the strain, with high mortgage rates suppressing the number of people able to buy their first homes. Given interest rates’ impact on the housing market, Trump has repeatedly demanded that the Fed lower them.