President Trump signed an executive order aimed at lowering housing costs ahead of the midterm elections, as inflation and affordability are among voters' main concerns. The order directs the FHFA to create a pilot program to proactively cancel mortgage insurance premiums for borrowers who have met equity requirements based on current market value, expand access to cheaper alternatives to title insurance, and reduce refinancing closing costs. The Departments of Veterans Affairs and Agriculture are directed to cut interest rates on single-family home loans offered through their programs, and a multiagency task force will work to lower the cost of building and improve the quality of manufactured homes eligible for federal housing programs. The article notes the housing market is slowing and lending costs are rising, with inflation climbing to 3.7% last month. In an NBC News Decision Desk poll, 31% of U.S. adults named the economy as their top concern; the online survey of 19,135 adults had a margin of error of plus or minus 2.6 percentage points.
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- 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.
- Housing Market Gets Hit as Mortgage Rates Skyrocket Ahead of Midterm
Pending home sales, which track signed contracts for existing homes, fell 7.3% from August and 11.3% from a year earlier in September, according to the National Association of Realtors. Mortgage rates climbed from about 6.8% at the start of September to 7.6% by month-end, and Freddie Mac's average 30-year rate reached 7.40% in the week ending October 8, its highest since November 2023. The median existing-home price hit $417,500, up 1.3% year on year, while 20.8% of listings had a price cut, the highest share for any month since October 2022. The NAHB's October builder sentiment index fell to its lowest reading in 14 years. With the November 3 midterms approaching, affordability has become a central issue for voters.
- Trump fails to change economic headwinds facing GOP candidates
Gas, diesel and food prices are high and expected to stay elevated through Election Day, a strong political headwind for Republicans, who risk losing control of the House and possibly the Senate. The national average diesel price was $6.28 a gallon on Friday, versus $3.72 before Trump launched strikes against Iran, and his diesel deal with Russia has had little lasting impact on fuel prices. Ground beef is around $6.80 a pound despite Trump's August order to import 300,000 metric tons of foreign beef, while the 30-year fixed mortgage rate stands at 7.32 percent. Trump signed an executive order Thursday to lower insurance premiums, refinancing costs and rates on some government-backed home loans, but it is unlikely to have much impact before Election Day. University of Michigan consumer sentiment fell near a record low in October, the second-lowest reading on record after May.
- 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 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.
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