A White House official has offered an explanation for rising mortgage rates, citing a strong economy as a contributing factor.
What happened
According to the White House National Economic Council Director, high mortgage rates can be a result of a thriving economy, particularly when there is a boom in factory production. The director suggested that in times of strong growth, longer-term interest rates may increase, but not necessarily due to inflation.
The comments were made during a broadcast on the Fox News Channel. The official's statement implies that a factory boom can lead to higher interest rates, even if inflation is not a significant concern.
