President Donald Trump signed an executive order, “Decreasing Housing Costs for the American People,” to lower mortgage costs as rising interest rates and inflation weigh on homeownership. It directs federal agencies to proactively cancel mortgage insurance on eligible future loans once home equity reaches a set threshold, and to make a refinancing cost-reduction program permanent. Freddie Mac data show 30-year fixed-rate mortgages at 7.32% as of Oct. 23, while refinance demand was down 59% in mid-October from a year earlier. Keith Gumbinger of HSH said it is difficult to gauge the consumer impact without more details, and that the refinancing change is not necessarily a game-changer given that home prices and mortgage rates dictate costs. The order comes less than two weeks before the Nov. 3 midterm elections.
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| Market | US stocks |
|---|---|
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| Close on 10/22/2026 | 764.02 |
| Change that session | -1.17% |
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Related news
- Trump signs order aimed at reducing single - family housing costs
President Donald Trump signed an executive order on Thursday to reduce homeowners' costs through lower insurance premiums, refinancing expenses and interest rates on certain government-backed loans. It directs the Federal Housing Finance Agency to pilot cancelling mortgage insurance premiums for borrowers who meet equity requirements, makes permanent a waiver of title insurance requirements for refinancings, and creates a manufactured housing task force. The move comes as affordability becomes a political vulnerability for Republicans before the November midterms, after contracts to buy existing homes hit a record low in September. The average 30-year fixed mortgage rate reached 7.40% last week, its highest in about three years, before falling to 7.32% this week, according to Freddie Mac.
- Trump signs executive order geared at lowering housing , mortgage costs
President Trump signed an executive order aimed at lowering mortgage payments as elevated borrowing costs have weighed on the housing market. The order directs FHFA Director Bill Pulte to launch a pilot program canceling insurance premiums on government-backed mortgages once borrowers meet equity requirements, and to expand the title insurance waiver pilot into a permanent program. A task force was also created to cut home construction costs using modern manufacturing methods, while the agriculture and veterans affairs secretaries were ordered to lower interest rates on their departments' single-family home loans. The average 30-year mortgage rate, which rose above 7 percent amid the Iran war, fell from 7.4 percent to 7.32 percent according to Freddie Mac, while pending home sales dropped 7.3 percent from August to September and 11.3 percent year over year, per NAR.
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The opinion piece argues that US existing home sales have collapsed, with the National Association of Realtors’ Pending Home Sales Index falling to 66.0, its lowest level since the series began in 2001. It contrasts this with Trump’s 2024 pledges of gasoline below $2 a gallon and 2% mortgage rates, noting gasoline now costs $4.28 a gallon and the average mortgage rate is 7.4%. Using a $423,000 median-priced house and a $370,000 loan, the author calculates a monthly principal-and-interest payment of $1,766 at 4.0% versus $2,562 at 7.4%, an extra $796 per month. Over 30 years, the additional total cost is put at $286,333.
- Trump Signs Order To Lower Single - family Homeownership And Mortgage Costs
President Donald Trump signed an Executive Order aimed at lowering the costs of single-family homeownership and mortgages. The order directs the FHFA Director to launch a pilot program that proactively cancels borrowers' mortgage insurance premiums once they meet equity requirements based on current market value, and to make the title insurance waiver pilot for refinancing permanent. It also creates a Task Force on Manufactured Housing Innovation, co-chaired by the Secretary of Housing and Urban Development and the FHFA Director, to promote modern manufacturing methods for factory-built housing eligible for federal programs. The Secretaries of Agriculture and Veterans Affairs are directed to reduce interest rates on single-family home loans made by their departments, and the order aims to ease closing costs that the release links to unnecessary regulations and outdated mortgage processes.
- Trump Signs Order Targeting Costs of Single - Family Housing
On Oct. 22, President Donald Trump signed an executive order creating a pilot program to automatically cancel private mortgage insurance for qualifying homeowners who have built enough equity, with only mortgages obtained after the program starts eligible. The order also aims to lower closing costs and mortgage rates for some borrowers, boost manufactured homes, and reduce excessive title insurance, especially in refinancing. FHFA Director Bill Pulte and HUD Secretary Scott Turner will co-chair a task force on manufactured housing innovation. Separately, Treasury proposed rules under the ROAD to Housing Act that would bar large institutional investors owning at least 350 homes from buying single-family homes starting Jan. 7, 2027, with a 30-day public comment period.
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