Trump signs order aimed at reducing mortgage costs — The Hill

US President Donald Trump has signed an executive order aimed at reducing mortgage payments and homebuying costs. The document instructs Federal Housing Finance Agency Director Bill Pulte to create a pilot program under which borrowers will have mortgage insurance premiums for government-backed mortgages waived after meeting home equity requirements, The Hill reports.

Measures for borrowers

The order also provides for making permanent the Federal Housing Finance Agency’s pilot program to waive the title insurance requirement. The White House said this would allow more borrowers to choose more affordable alternatives to such insurance and reduce refinancing costs.

In addition, Trump instructed Agriculture Secretary Brooke Rollins and Veterans Affairs Secretary Doug Collins to reduce interest rates on single-family home loans provided by their departments.

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Construction and market situation

The president also created a task force tasked with reducing home construction costs and improving housing quality. Its tasks include promoting the use of modern manufacturing methods in the production of housing that meets the requirements of federal programs.

According to Freddie Mac, the average rate on a 30-year mortgage fell this week from 7.4% to 7.32%, for the first time since mid-August. The average rate on a 15-year mortgage decreased from 6.71% to 6.68%. At the same time, the National Association of Realtors reported that pending home sales in September declined by 7.3% compared with August and by 11.3% year on year.