Trump signs mortgage executive order
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The gist
President Trump signed an order directing FHFA to pilot canceling mortgage insurance premiums and cut refinancing costs.
The order lands under two weeks before midterms, with affordability a voter concern.
Background
Donald Trump is the US President, and Bill Pulte is director of the Federal Housing Finance Agency (FHFA), which oversees government-backed mortgage finance. The order, titled "Decreasing Housing Costs for the American People," directs Pulte to build a pilot canceling insurance premiums on government-backed mortgages once borrowers meet equity requirements, expand a title insurance waiver program, and lower interest rates on Agriculture and Veterans Affairs home loans. It builds on earlier housing-focused executive actions and arrives as high home prices and elevated mortgage rates have made affordability a political vulnerability for Republicans ahead of the November midterms.
How it unfolded
- Oct 22, 2026Trump signs the executive order "Decreasing Housing Costs for the American People," aimed at lowering mortgage payments, insurance premiums, refinancing costs and rates on certain government-backed loans.
- Oct 22, 2026The order directs FHFA Director Bill Pulte to create a pilot canceling insurance premiums for government-backed mortgages once borrowers meet equity requirements, for loans originated after launch.
- Oct 22, 2026It also sets up a task force on construction costs and directs the Agriculture and Veterans Affairs secretaries to lower rates on their departments' single-family home loans.
- Oct 23, 2026The order directs FHFA to raise the 80% loan-to-value ceiling for title waiver eligibility, drop geographic limits and waive appraisals for certain refinances; a bi-merge credit check change did not appear.
Who’s saying what
- Official
- The White House says the administration is cutting burdensome costs and red tape to make homeownership more affordable for all Americans.
- Official
- FHFA Director Bill Pulte called it the "greatest" such action ever taken on housing and said millions of Americans will save thousands of dollars.
- Analysts
- HSH vice president Keith Gumbinger said consumer impact is hard to judge without more details and it may not be "a game-changer" on housing cost, though "every little bit certainly helps."
- Caution
- NAR chief economist Lawrence Yun said September market conditions weakened due to fast-rising mortgage rates, and affordability is more affected by rate changes than by job or income gains.
Still unverified
Some in the industry who saw a draft of the order said provisions in it did not make the final version; rumors that a bi-merge credit check change would appear in the order proved wrong after Pulte canceled a expected appearance at the Mortgage Bankers Association convention in Chicago.