Trump Order Takes Aim at Mortgage Insurance and Refinancing Costs

President Donald Trump signed an executive order on Thursday aimed at lowering the cost of owning a home, according to a White House fact sheet, targeting monthly mortgage insurance bills, refinancing fees and the federal red tape that slows factory-built housing.

“The American Dream of homeownership is a vital pillar of our great country,” the order states, according to the text posted on WhiteHouse.gov. The order says it is the administration’s policy to “reduce regulatory barriers to mortgage origination and costs impeding homeownership” and to “promote competition and innovation throughout the housing and mortgage market.”

RESTORING THE AMERICAN DREAM OF HOMEOWNERSHIP. 🇺🇸

President Donald J. Trump is lowering the costs of single-family homeownership & mortgages, & removing unnecessary red tape to make homeownership more affordable for all Americans. pic.twitter.com/t951xw9sKh

— The White House (@WhiteHouse) October 22, 2026

Mortgage insurance that cancels itself

The centerpiece is a pilot program for Fannie Mae and Freddie Mac. According to the order, the director of the Federal Housing Finance Agency would direct the two companies to periodically review the single-family loans they own or guarantee, using automated valuation models to check a home’s current market value and flag borrowers who appear to have enough equity to drop mortgage insurance.

The White House fact sheet says the change “will eliminate a large monthly expense for qualifying Americans.” Realtor.com noted that homeowners with at least 20% equity typically are not required to carry mortgage insurance, which protects the lender if a borrower defaults. Under the order, servicers would be told to notify borrowers when insurance may be canceled and to cut unnecessary paperwork and appraisal costs, according to the order’s text.

The order’s text also says the pilot applies only to mortgages made after the program is set up, so existing loans are not automatically covered.

Cheaper refinancing and lower federal loan rates

According to the fact sheet, the order directs the FHFA to turn its title insurance waiver pilot into a permanent program, letting more borrowers use lower-cost alternatives to traditional lender’s title insurance when they refinance. HousingWire reported that the change could lower closing costs and monthly homeownership expenses.

The fact sheet says the order also directs the secretaries of Agriculture and Veterans Affairs to reduce interest rates on single-family home loans made by their departments.

A push for factory-built homes

The order creates a Task Force on Manufactured Housing Innovation, co-chaired by the secretary of Housing and Urban Development and the FHFA director, according to the order’s text. Within 180 days, the task force must send the president recommendations to speed the use of modern manufacturing methods in factory-built housing eligible for federal programs, including cutting duplicative federal reviews, the order states.

Administration makes its case

Vice President JD Vance framed the order as part of a broader affordability fight. “American homes belong to American families, not corporations or illegal aliens,” Vance said in a post on X on Thursday.

Treasury Secretary Scott Bessent said in a post on X that the administration “continues to restore the path to affordable homeownership for millions of young and working families.”

The White House’s Rapid Response account also shared a statement from the National Association of Realtors responding to the order.

The order arrives less than two weeks before the Nov. 3 midterm elections. Most of its changes depend on follow-up action by the FHFA, HUD, USDA and VA, so the timing of any savings for homeowners will depend on how quickly those agencies act.

Sources

• The White House: Decreasing Housing Costs for the American People
• The White House: Fact Sheet
• HousingWire
• Realtor.com
• The White House on X
• Vice President JD Vance on X

Reporting by Daily Beltway.