The October 22 executive order directs federal agencies to pursue changes to mortgage insurance, refinancing expenses, certain government direct-loan rates and factory-built housing.
President Donald Trump signed an executive order on October 22, 2026, aimed at reducing selected homeownership expenses through changes to federal mortgage policies and housing programs.
The order, titled Decreasing Housing Costs for the American People, outlines measures involving the Federal Housing Finance Agency (FHFA), the Department of Agriculture and the Department of Veterans Affairs.
The directives focus on mortgage insurance cancellation, refinancing costs, certain federally issued home loans and the development of manufactured and factory-built housing.
New Mortgage Insurance Cancellation Pilot
The executive order calls for the FHFA director, subject to specified regulatory determinations, to direct Fannie Mae and Freddie Mac to establish a pilot program for proactive mortgage insurance cancellation.
Under the proposed program, eligible mortgages would be periodically reviewed using automated property valuations and other available information to determine whether borrowers meet applicable equity requirements.
Mortgage insurance could be canceled when borrowers satisfy the program’s equity, payment history and other eligibility conditions.
The pilot would apply only to mortgages originated after the program is established, rather than existing mortgages generally.
The program’s establishment and operation remain subject to FHFA oversight and applicable financial safety requirements.
Refinancing Cost Reductions
The order also directs the FHFA to consider expanding an existing title acceptance pilot into an ongoing nationwide program for eligible mortgage refinancings.
Under the proposed framework, Fannie Mae and Freddie Mac could accept approved automated title reviews or other title-risk assessments instead of requiring a lender’s title insurance policy for qualifying transactions.
The FHFA is also directed to consider additional changes, including reducing certain documentation requirements and loan-related fees for eligible refinancings.
The order specifies that savings generated through the program must be passed on to borrowers.
Implementation remains subject to regulatory determinations and applicable legal requirements.
Federal Direct-Loan Rates
The executive order directs the secretaries of Agriculture and Veterans Affairs to reduce interest rates on single-family home loans made directly by their respective departments, consistent with applicable law and available funding.
The directive applies to the departments’ direct-loan programs and does not establish a general reduction in conventional mortgage interest rates.
Federal Task Force to Examine Factory-Built Housing
The order establishes a Task Force on Manufactured Housing Innovation, jointly led by the Department of Housing and Urban Development and the FHFA.
The task force will examine ways to streamline federal requirements and encourage modern manufacturing methods for homes eligible for federal housing programs.
Its responsibilities include reviewing permitting, certification, inspection and financing procedures affecting manufactured and other factory-built housing.
The task force is required to submit recommendations to the president within 180 days of the executive order.
Implementation Will Determine the Impact
Although the executive order establishes federal policy directives, several measures require additional agency decisions and implementation before borrowers can benefit.
The mortgage insurance pilot is limited to future qualifying mortgages, while refinancing changes depend on FHFA determinations and program eligibility.
The order does not establish an immediate nationwide reduction in mortgage rates or guarantee lower housing costs for every borrower.
Its practical impact will depend on the implementation of the individual federal programs.
Sources & References
The White House, Decreasing Housing Costs for the American People, Executive Order, October 22, 2026.
The White House, Fact Sheet: President Donald J. Trump Decreases Housing Costs for Americans, October 22, 2026.
Reuters, Trump Signs Order Aimed at Reducing Single-Family Housing Costs, October 22, 2026.
