President Trump signed an executive order on October 22, 2026, aimed at housing costs. It does not cut a mortgage rate or change a payment already in force.
The order tells the Federal Housing Finance Agency director to consider a pilot only for mortgages made after the pilot exists. Fannie Mae and Freddie Mac would use automated valuation models and other data to flag borrowers who appear to meet the equity test for dropping mortgage insurance. Cancellation would still require safety-and-soundness standards, payment history, and the other legal conditions. Servicers would notify those borrowers when the law and their systems allow it.
A task force on factory-built homes must offer recommendations within 180 days. The order also tells the director, when he judges it appropriate and lawful, to expand a title-acceptance pilot into an ongoing nationwide program. The rest of that section's conditions were not in the text used here.
Nothing in the order is an immediate insurance refund.
Will this order lower your mortgage bill this month? No change to an existing payment was announced. Insurance cancellation would come only after a pilot is created, and only if a later loan meets the equity and safety tests.