WASHINGTON, July 9 (Reuters) - U.S. President Donald Trump on Wednesday called on the Federal Reserve to lower the federal benchmark interest rate by at least 3 percentage points, renewing his call for the U.S. central bank to lower rates to help reduce the cost to service the nation's debt.

As he sought to recapture the White House in 2024, Donald Trump promised to "put a temporary cap on credit card interest rates at 10%." During his presidency, bipartisan lawmakers have introduced bills to cap credit card interest rates, but they've failed to advance.

The Department of Education will resume student loan interest payments on Aug. 1, slamming President Biden for using loan forgiveness to sway votes.

Any drop in mortgage rates is good news for homebuyers, but rates still remain high compared to a few years ago.