How is the US economy really doing under President Trump?

The growing deficit is also one of the reasons the US government gets charged more to borrow money in financial markets.

The 10-year US government bond yield has risen sharply since Trump returned to office in January 2025 and is now above 5%, the highest rate since the global financial crisis in 2007.

That increase in the market cost of US government borrowing also puts upward pressure on the interest rates on mortgages available to American households.

The interest rate on a new 30-year US mortgage has risen to 7.4%, external per year, up from 6.9% when Trump returned to the White House.

That's added to problems in the US housing market, making homes less affordable for new buyers. It has left many existing owners reluctant to move because doing so would mean giving up their cheaper mortgages, which they took out at lower rates, external and cannot take with them to a new property.