Trump Signs Executive Order Aimed at Cutting Mortgage Insurance and Refinancing Costs for Homeowners

President Donald Trump on Thursday, Oct. 22, signed an executive order directing federal housing agencies to cut some of the costs of owning a home, including mortgage insurance premiums, refinancing fees and interest rates on certain government home loans, according to the White House, HousingWire and Bloomberg.

The order, titled “Decreasing Housing Costs for the American People,” says it is the administration's policy “to reduce regulatory barriers to mortgage origination and costs impeding homeownership.”

What the Order Does on Mortgage Insurance and Refinancing

The order directs Federal Housing Finance Agency Director Bill Pulte to create a pilot program to cancel borrowers' mortgage insurance premiums proactively once they meet equity requirements based on their home's current market value, according to a White House fact sheet. Bloomberg reported that the pilot would be limited to future mortgages.

It also directs the FHFA to turn its title insurance waiver pilot into a permanent program, letting more borrowers use lower-cost alternatives to title insurance when they refinance. The order says savings from that program must be passed through to borrowers and that lenders must tell borrowers about them.

Few homeowners are refinancing right now, Bloomberg reported, with the rate on a 30-year fixed mortgage at 7.32% this week, though the change could help if rates fall.

Lower VA and USDA Loan Rates and a Manufactured Housing Task Force

The order directs the secretaries of Agriculture and Veterans Affairs to reduce the interest rates on single-family home loans their departments make directly, consistent with the law and available funding, according to the text of the order.

It also creates a Task Force on Manufactured Housing Innovation, co-chaired by the Housing and Urban Development secretary and the FHFA director, to lower the cost of factory-built homes eligible for federal housing programs, the White House said.

The White House said “unnecessary regulations and outdated mortgage processes have made homeownership unaffordable and driven up closing costs.” Bloomberg reported that the order comes as the administration works to show it is addressing voters' affordability concerns ahead of the Nov. 3 midterm elections.

The Community Home Lenders of America praised the move. “These actions to reduce title insurance costs, promote manufactured home affordability, and reduce mortgage loan costs for veterans have long been CHLA priorities,” said Scott Olson, the group's executive director, according to HousingWire.

Image: A house under construction (file photo), by CassieMCassid, Wikimedia Commons, CC BY-SA 4.0.

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Sources: The White House, "Decreasing Housing Costs for the American People" (executive order, Oct. 22, 2026): https://www.whitehouse.gov/presidential-actions/2026/10/decreasing-housing-costs-for-the-american-people/ ; The White House, "Fact Sheet: President Donald J. Trump Decreases Housing Costs for Americans" (Oct. 22, 2026): https://www.whitehouse.gov/fact-sheets/2026/10/fact-sheet-president-donald-j-trump-decreases-housing-costs-for-americans/ ; HousingWire, "Trump signs executive order targeting mortgage costs" (Oct. 22, 2026): https://www.housingwire.com/articles/trump-order-mortgage-insurance/ ; Bloomberg via Insurance Journal, "Trump Signs Executive Order Aimed at Taming Housing Costs" (Oct. 23, 2026): https://www.insurancejournal.com/news/national/2026/10/23/890144.htm