What Does the New Housing Executive Order Mean for Your Mortgage?

On October 22, 2026, the President signed Executive Order 14438, “Decreasing Housing Costs for the American People.” It was published in the Federal Register on October 28.

The order does four things:

• Mortgage insurance. It tells the director of the Federal Housing Finance Agency (FHFA) to have Fannie Mae and Freddie Mac set up a pilot program, if the director decides it's in the best interest of the companies and the public. The pilot would use automated home valuations to spot borrowers who appear to qualify to cancel their mortgage insurance, and cancel it proactively. It would apply only to loans made after the pilot starts.
• Title insurance on refinances. Under the same kind of condition, Fannie Mae and Freddie Mac would expand an existing pilot into a nationwide program. It would let them accept an automated title review instead of a lender's title insurance policy on eligible refinances. FHFA would also consider widening who qualifies, waiving appraisals for some refinances that lower the monthly payment, and cutting some Fannie Mae and Freddie Mac fees. Any savings would have to be passed on to borrowers.
• Manufactured housing. It creates a task force led by HUD and FHFA to recommend ways to make factory-built homes faster and cheaper to approve and finance. Recommendations are due within 180 days.
• Direct government loans. It tells USDA and VA to lower rates on home loans they make directly, within existing law and funding.

If you pay PMI today, the rules haven't changed. Under the Homeowners Protection Act, you can generally ask to cancel PMI on a conventional loan once your balance reaches 80 percent of the home's original value, and it ends automatically at 78 percent if you're current on payments. The pilot would look at today's value instead, but only for loans made after it starts.

If you're thinking about refinancing, title insurance is one of the larger third-party costs on a typical refinance. If FHFA expands the program, some refinances backed by Fannie Mae or Freddie Mac could cost less to close. With CapCenter's ZERO Closing Costs, third-party costs like lender's title insurance are already covered on standard loan options.

If you're shopping for a manufactured or factory-built home, watch for the task force's recommendations next spring.

• It doesn't change anything today. Most of the order depends on FHFA deciding to act, and the details aren't set.
• It doesn't lower rates on most mortgages. The rate section covers loans the Agriculture and Veterans Affairs departments make directly, like USDA's direct home loans and VA's Native American Direct Loan. Most VA loans are made by private lenders with a VA guaranty, so this section doesn’t cover them.
• It doesn't cancel PMI on existing loans. The pilot applies only to new loans made after it begins.

If you're paying PMI, check how close you are to the equity needed to request cancellation, and ask your servicer what it requires. If you're thinking about refinancing, talk with a loan consultant about your options. CapCenter offers ZERO Closing Costs. See capcenter.com for details, today's rates and APRs.

Related guides:

• What is PMI? Understanding Private Mortgage Insurance
• How to Refinance a Mortgage
• What Is Mortgage Insurance?

Restrictions apply. CapCenter is an Equal Housing Lender. NMLS ID #67717.

Sources: Executive Order 14438, Federal Register, 91 FR 68007 (October 28, 2026); White House text; CFPB: When can I remove PMI?