Kevin Hassett, director of the White House National Economic Council, appeared Friday on Fox News Channel’s America’s Newsroom. Bill Hemmer asked him about mortgage rates exceeding 7 percent and their effect on the housing market.

Hassett attributed possible increases in longer-term rates during rapid expansion to companies borrowing to construct plants rather than to inflation. He noted that summer housing supply, purchases, and permits rose year over year amid economic expansion, a strong job market, and wage gains. The administration wants lower mortgage rates and will announce measures for first-time buyers, yet housing activity increased because the wider economy performed strongly.