Short answer. Ronald Reagan presided over the highest U.S. mortgage rates of the modern era — 16.63% in 1981 and 16.04% in 1982, set by Federal Reserve Chairman Paul Volcker (a Carter appointee) to break double-digit inflation.
The president-by-mortgage-rate framing is misleading because the Fed sets monetary policy independently of the executive branch — but it's a common search query, so:
Annual average 30-year mortgage rates by presidency
- Carter (1977–1981): 9.64% to 16.63% — rates rising rapidly under Volcker
- Reagan (1981–1989): 16.63% to 10.34% — peak then long decline
- G.H.W. Bush (1989–1993): 10.32% to 7.31% — late Volcker normalization
- Clinton (1993–2001): 7.31% to 6.97% — first sub-7% reading since 1971 (1998)
- G.W. Bush (2001–2009): 6.97% to 5.04% — refinance boom, then ZIRP
- Obama (2009–2017): 5.04% to 3.99% — QE-era lows
- Trump (1st term) (2017–2021): 3.99% to 2.96% — pandemic record low
- Biden (2021–2025): 2.96% to 6.84% — Fed hiking cycle
Who's actually responsible
The Federal Reserve. Volcker was appointed by Carter, reappointed by Reagan, set the 1980–82 peaks. Greenspan oversaw the long decline from 1987 to 2006. Bernanke, Yellen, and Powell oversaw the 2009–2021 lows. Powell oversaw the 2022 spike. The president nominates Fed governors but does not direct monetary policy.
Sources
U.S. Census Bureau Survey of Construction; National Association of Realtors Existing Home Sales report; Freddie Mac Primary Mortgage Market Survey; National Bureau of Economic Research Business Cycle Dating Committee.