President Trump signed an executive order on Thursday aimed at lowering housing costs ahead of the midterm elections, where inflation and affordability are key voter concerns. The order directs the Federal Housing Finance Agency to create a pilot program to proactively cancel mortgage insurance premiums for borrowers who meet equity requirements, and to expand cheaper alternatives to title insurance. It also instructs the Departments of Veterans Affairs and Agriculture to reduce interest rates on their single-family home loans, and creates a multiagency task force to lower the cost of building manufactured homes and improve their quality. The White House said unnecessary regulations and outdated mortgage processes have driven up closing costs, as the housing market slows and lending costs rise. Inflation climbed to 3.7% last month, and in an NBC News poll, 31% of U.S. adults said the economy was their top concern.
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Related news
- Trump signs executive order lowering housing costs
President Trump signed an executive order on Thursday aimed at lowering housing costs ahead of the midterm elections, where inflation and affordability are voters’ main concerns. It directs agencies to reduce mortgage costs, offer cheaper alternatives to title insurance and support manufactured housing. The Federal Housing Finance Agency must create a pilot program to cancel mortgage insurance premiums for borrowers who meet equity requirements based on current market value, while the Departments of Veterans Affairs and Agriculture must cut interest rates on their single-family home loans. The White House said unnecessary regulations and outdated mortgage processes have driven up closing costs. The order comes as the housing market slows and lending costs rise, with inflation at 3.7% last month and 31% of U.S. adults naming the economy as their top concern in an NBC News Decision Desk poll.
- Trump signs executive order lowering housing costs
President Trump signed an executive order aimed at lowering housing costs ahead of the midterm elections, where inflation and affordability are key voter concerns. The order directs agencies to reduce mortgage costs, offer cheaper alternatives to title insurance, and support manufactured housing. The FHFA director must create a pilot program to proactively cancel mortgage insurance premiums for borrowers who meet equity requirements based on current market value. The Departments of Veterans Affairs and Agriculture must cut interest rates on their single-family home loans, and a multiagency task force will work on lowering building costs and improving manufactured homes. The move comes as the housing market slows and lending costs rise, with inflation at 3.7% last month and wage gains largely flat this year.
- Trump signs executive order lowering housing costs
President Trump signed an executive order aimed at lowering housing costs ahead of the midterm elections, as inflation and affordability weigh on voters. The order directs agencies to reduce mortgage costs, expand access to cheaper alternatives to title insurance, and support manufactured housing. The FHFA is to set up a pilot program to proactively cancel mortgage insurance premiums for eligible borrowers, while the Departments of Veterans Affairs and Agriculture are to lower interest rates on their single-family home loans. The order also creates a multiagency task force on manufactured homes. The move comes as the housing market slows and lending costs rise, with inflation at 3.7% last month and an NBC News Decision Desk poll showing 31% of U.S. adults naming the economy as their top concern.
- Trump signs executive order lowering housing costs
President Trump signed an executive order on Thursday to lower housing costs ahead of the midterm elections, where inflation and affordability are key voter concerns. It directs the FHFA to create a pilot program to proactively cancel mortgage insurance premiums for borrowers who meet equity requirements, expand cheaper alternatives to title insurance, and reduce refinancing closing costs. The Departments of Veterans Affairs and Agriculture are told to cut interest rates on their single-family home loans, and a multiagency task force will look at lowering the cost of building and improving manufactured homes. The order comes as the housing market slows and lending costs rise, with inflation at 3.7% last month and wages largely flat this year. In an NBC News Decision Desk poll, 31% of U.S. adults named the economy as their top concern; the survey covered 19,135 adults online from Sept. 28 to Oct. 12, with a margin of error of ±2.6 percentage points.
- Trump promises mortgage relief ahead of US midterms , but will American homeowners actually save ? Explained
An executive order titled “Decreasing Housing Costs for the American People” aims to help homebuyers stop paying mortgage insurance sooner and make refinancing cheaper, but it does not cut mortgage interest rates. FHFA director Bill Pulte claimed on X that millions of Americans would save thousands of dollars, while Keith Gumbinger of HSH cautioned that the impact is hard to gauge without implementation details. The insurance-cancellation pilot covers only mortgages originated after its launch, so existing borrowers would not automatically benefit. The average 30-year fixed rate was 7.32% on October 23 according to Freddie Mac, a market movement rather than a cut mandated by Trump, and refinancing demand fell 59% in mid-October from the same week last year.
- Trump signs executive order lowering housing costs
President Trump signed an executive order aimed at lowering housing costs ahead of the midterm elections, as inflation and affordability are among voters' top concerns. The order directs the FHFA director to launch a pilot program to proactively cancel mortgage insurance premiums for borrowers who meet equity requirements based on current market value, and to expand cheaper alternatives to title insurance and reduce refinancing closing costs. The Departments of Veterans Affairs and Agriculture must cut interest rates on single-family home loans, and a multiagency task force will be created to lower building costs and raise the quality of manufactured homes eligible for federal programs. The move comes as the housing market slows and lending costs rise, with inflation climbing to 3.7% last month while wage gains have been largely flat this year. An NBC News Decision Desk poll found that 31% of U.S. adults named the economy as their top concern.
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