BREAKING 🚨 Trump has signed an executive order to cut the cost of owning a home, with the 30-year mortgage rate sitting…

BREAKING 🚨 Trump has signed an executive order to cut the cost of owning a home, with the 30-year mortgage rate sitting at 7.32%

The order tells FHFA to launch a pilot where Fannie and Freddie automatically cancel mortgage insurance once borrowers build enough equity

It also makes the title insurance waiver on refinances permanent and nationwide, and orders lower rates on VA and USDA direct home loans

For scale, PMI on a $600K home with 10% down runs about $351 a month, or $4,212 a year, per a Freddie Mac calculator cited by CNBC

The catch is the PMI cancellation only applies to loans made after the pilot starts, and agencies still have to write the rules

FHFA Director Bill Pulte says millions of Americans will save thousands of dollars, but with rates above 7% and the midterms on Nov 3, the real affordability fix still runs through the Fed and the bond market

Mortgage insurers like $MGIC Investment(MTG.US) $Essent(ESNT.US) $Radian(RDN.US) $NMI(NMIH.US) are the names to watch, since faster PMI cancellations mean fewer years of premiums

Source: StockMarket.News