Trump Promised $2 Gas and 2% Mortgages, but Fuel Is Up 47% and Rates Hit 7.28%

President Donald Trump's pledges of petrol below $2 (€1.79 and £1.51) a gallon and 2 per cent mortgages remain unfulfilled, with Americans facing higher living costs ahead of the November midterm elections.

Petrol averaged $4.37 (€3.91 and £3.30) a gallon on 9 October 2026, while Freddie Mac's latest survey put the average 30-year fixed mortgage rate at 7.40 per cent.

The 3 November congressional elections approach amid concern over household expenses. Prices were rising before Trump's January 2025 return, but his campaign promised relief.

A CBS News analysis published on 9 October found mixed results. Some costs have fallen, while others remain high.

US petrol prices rose by approximately 47 per cent between 27 February and 9 October, according to CBS News figures. The national average increased from $2.98 (€2.67 and £2.25) to $4.37 (€3.91 and £3.30) a gallon over that period.

The starting date matters. It was the day before US and Israeli strikes against Iran, not Trump's inauguration. The conflict disrupted oil shipments and contributed to higher fuel prices.

Diesel reached $6.53 (€5.84 and £4.94) a gallon on 22 September before easing to about $6.28 (€5.62 and £4.75) by 9 October. Diesel also affects farming and transport costs.

Speaking at the Economic Club of New York on 5 September 2024, Trump pledged to push gasoline below $2 (€1.79 and £1.51) a gallon. In Pittsburgh on 4 November, he told supporters, 'A vote for Trump means your groceries will be cheaper.'

Instead, US food-at-home prices rose 4 per cent from November 2024 through the period examined by CBS News. Prices had risen 23 per cent during the preceding four years.

Tariffs are another part of the picture. Federal Reserve Bank of New York researchers estimated they contributed 2.9 percentage points to annual consumer goods price inflation by February 2026. The analysis covered 67 non-oil goods categories, not overall inflation or services.

Trump's 2% Mortgage Target Still Out of Reach

Trump also promised dramatically cheaper home loans. At a Tucson, Arizona, rally on 12 September 2024, he said mortgage rates could fall to 2 per cent, making purchases and refinancing more affordable.

Yet Freddie Mac reported a 7.40 per cent average for 30-year fixed mortgages on 8 October, up from 7.28 per cent a week earlier. Its survey recorded 5.98 per cent on 26 February, contradicting earlier claims that the benchmark fell below 5 per cent.

Mortgage rates were already high before Trump returned to office. Freddie Mac recorded 7.04 per cent on 16 January 2025. Rates respond to Treasury yields, inflation expectations and financial markets, rather than being set directly by the president.

Property prices create another obstacle. Zillow listed the median US asking price at $408,333 (€365,176 and £308,595) in August 2026. That measures asking prices, not completed sales.

Other expenses show different trends. Residential electricity bills rose 12.5 per cent between December 2024 and July 2026, according to federal data cited by CBS News. Airfares were 17 per cent higher than in January 2025.

White House Points To Wins as Voters Focus on Prices

The figures are not uniformly negative. CBS News reported car insurance costs falling 5.5 per cent from a February peak. Prescription medicine prices declined 3.9 per cent from their February 2025 high, while average credit card rates eased.

White House spokeswoman Taylor Rogers defended Trump's record, citing tax cuts, private-sector employment and trade agreements. She told CBS News the administration's policies 'will continue to deliver economic wins over the next two years.'

A CBS News poll found nine in 10 Americans regarded prices as the most important factor shaping their view of the economy. The survey does not predict their votes, but it shows why household expenses matter before November's contest.

The administration points to economic gains, yet petrol and mortgage costs remain far from Trump's specific campaign targets. Those national averages do not capture every household's finances, but they provide measurable comparisons with his promises.