RFK Jr. proposes government-backed 3% mortgages

Democratic presidential candidate Robert F. Kennedy Jr. has unveiled a plan to create U.S. government-backed 3% mortgages in a bid to tackle rising housing costs.

The government would fund such mortgages via the sale of tax-free bonds, the Epoch Times reported. The average 30-year mortgage interest rate stands at roughly 7.1%, according to NerdWallet.

"In the last two years, the price of housing has gone from $250,000 average to $400,000. Interest rates have gone up 20 percent, and we don’t need to have that happen. There are ways that the federal government can help people without driving up the debt," he declared.

Speaking at a town hall event in South Carolina, Kennedy likened his plan to securing a loan by having someone with a superior credit rating serve as a cosigner.

"If you have a rich uncle who co-signs your mortgage, you will get a lower interest rate because the bank looks at his credit rating. I’m going to give everyone a rich uncle, and his name is Uncle Sam," he said.

Ben Whedon is an editor and reporter for Just the News. Follow him on Twitter.