Trump signs executive order to lower US housing costs

President Donald Trump has signed an executive order titled ‘Decreasing Housing Costs for the American People’ aimed at improving housing affordability. The order directs federal agencies to implement several measures, including the creation of a pilot program by the Federal Housing Finance Agency (FHFA) to proactively cancel mortgage insurance premiums for borrowers who meet specific equity requirements.

To reduce closing costs, the FHFA will expand a program allowing borrowers to use more affordable alternatives to traditional title insurance. Additionally, the Departments of Veterans Affairs and Agriculture have been instructed to reduce interest rates on single-family home loans offered through their respective housing programs.

The order also establishes a multi-agency task force focused on lowering construction costs and improving the quality of manufactured homes eligible for federal assistance. FHFA Director Bill Pulte and Housing and Urban Development Secretary Scott Turner expressed support for the measures, stating they aim to reduce financial burdens for millions of Americans.