New Executive Order Aims to Lower Housing Costs

At a Glance:

• On October 22, 2026, President Donald J. Trump signed the Executive Order titled "Decreasing Housing Costs for the American People."¹
• The Executive Order aims to lower the costs associated with single-family homeownership and mortgage financing.²
• Key measures of the Executive Order include examining programs to proactively cancel private mortgage insurance (PMI), expand alternatives to title insurance, reduce interest rates on direct USDA and VA loans, and revamp manufactured housing production.³

On October 22, 2026, President Donald J. Trump officially signed an Executive Order titled "Decreasing Housing Costs for the American People."⁴ This Executive Order outlines measures aimed at easing the financial burden on families and individuals seeking affordable housing options. In this edition of Ameris Bank’s Mortgage Monitor, we look at four provisions that could affect the mortgage and housing markets.

Proactive Private Mortgage Insurance (PMI) Cancellation

The Executive Order directs the Federal Housing Finance Agency (FHFA) to establish a pilot program, subject to certain determinations, under which Fannie Mae and Freddie Mac would periodically review eligible loans and identify borrowers who appear to meet requirements for mortgage insurance cancellation based on current property values and other criteria. The initiative would apply only to mortgages originated after the pilot program is established.⁵

“The proposed pilot could make the mortgage insurance cancellation process more proactive by identifying eligible borrowers as they meet applicable requirements,” said Brett Hively, Senior Vice President, Mortgage Capital Markets and Financial Strategist at Ameris Bank. “For borrowers who qualify, eliminating a mortgage insurance payment could reduce their monthly housing expense.”

Expansion of Title Insurance Alternatives in Refinancing

The Executive Order directs the Federal Housing Finance Agency (FHFA) to expand its existing title acceptance pilot into an ongoing program, allowing eligible refinance borrowers to use approved alternatives to a lender’s title insurance policy.⁶ The existing pilot is limited to refinance loans with loan-to-value (LTV) ratios below 80% in certain locations, while the expanded program could make additional borrowers eligible.⁷

“Expanding title insurance alternatives could help reduce certain upfront refinancing costs for borrowers who qualify,” said Brett Hively. “The details of the final program, including eligibility requirements, will ultimately determine how broadly those potential savings apply.”

Title-related expenses can represent a significant portion of mortgage closing costs. A 2025 Urban Institute analysis found that lender title and title insurance-related fees represented the largest portion of closing costs, excluding prepaid expenses, for the mortgage range it examined.⁸ Former FHFA Director Sandra Thompson estimated that consumers could save approximately $500 to $1,500 in closing costs on loans eligible for the title acceptance pilot.⁹

Reduce Interest Rates on Direct USDA and VA Loans

The Executive Order mandates that the Secretary of Agriculture and the Secretary of Veterans Affairs take action to reduce interest rates on single-family home loans provided directly through their departments.¹⁰ The potential rate reduction on USDA and VA loans only applies to loans issued by these federal agencies, not by private lenders.¹¹

“This provision is specifically focused on direct federal lending programs,” said Brett Hively. “For eligible borrowers using these programs, lower interest rates could help reduce the cost of financing a home.”

Revamp Manufactured Housing Production

Lastly, the Executive Order establishes a Task Force on Manufactured Housing Innovation to explore ways to reduce costs and support the production of manufactured and factory-built housing eligible for federal housing programs.¹² The Task Force must present its recommendations within 180 days.¹³

“Manufactured and factory-built housing can play a role in the broader conversation about housing supply and affordability,” Hively said. “The recommendations from this task force will provide more detail about how federal housing programs could support those approaches.”

Summary

The Executive Order introduces several measures intended to reduce certain costs associated with homeownership and mortgage financing. However, the potential impact on borrowers will depend on how the programs and initiatives are implemented.

“While these developments are worth watching, borrowers should continue to focus on their individual financial circumstances and available financing options,” said Brett Hively. “Finding a home and mortgage that fit within your budget remains an important part of the homebuying process.”

^{1, 2, 3, 4, 6, 10, 11, 12} https://www.whitehouse.gov/fact-sheets/2026/10/fact-sheet-president-donald-j-trump-decreases-housing-costs-for-americans/

⁵ https://finsights.cooley.com/trump-administration-issues-executive-order-targeting-housing-and-mortgage-costs/

^{7, 9} https://www.cnbc.com/2026/10/23/trump-mortgage-executive-order-costs.html

⁸ https://www.urban.org/urban-wire/what-components-make-closing-costs

¹³ https://www.whitehouse.gov/presidential-actions/2026/10/decreasing-housing-costs-for-the-american-people/

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Ameris Bank does not endorse nor is affiliated with the companies listed in this article.