White House executive order would seek to cut mortgage costs 

Officials in the Trump administration have drafted an executive order aimed at reducing mortgage costs, saying that many Americans have been “locked out of homeownership” over the past two decades. The order, which has yet to be signed, comes as industry forecasts point to a sluggish mortgage market heading into 2027 under a higher-for-longer interest rate environment, with affordability pressures looming ahead of the midterm elections. The draft order calls for policy actions across several areas, including mortgage insurance cancellation, the creation of a federal task force on manufactured housing innovation, initiatives to lower refinance costs, and reductions to interest rates for direct loans through the U.S. Department of Agriculture (USDA) and Department of Veterans Affairs (VA). “Unnecessary regulatory requirements for borrowers and outdated mortgage origination processes have driven up closing costs and made homeownership unaffordable,” the draft order states. The administration said it plans to reduce regulatory barriers to mortgage origination, embrace “innovative risk and value assessment technologies,” and promote greater competition and innovation in housing finance....