President Donald Trump signed an executive order Thursday aimed at lowering costs for single-family homeownership and mortgages.

The order directs the Federal Housing Finance Agency to launch a pilot program that would proactively cancel borrowers' mortgage insurance premiums once they meet equity requirements based on current market value. It also makes permanent an FHFA pilot waiving title insurance on refinancings.

Additional provisions create a task force on manufactured housing innovation to expand factory-built housing eligible for federal programs. The order further directs the secretaries of agriculture and veterans affairs to reduce interest rates on single-family home loans issued by their departments.

The action comes as the administration seeks to address persistent housing affordability concerns for working families. Mortgage rates have remained elevated in recent periods, contributing to challenges for prospective homebuyers.

This latest measure builds on prior steps by the Trump administration, including an earlier executive order restricting large institutional investors from purchasing single-family homes. Treasury Department proposed regulations issued the same day implement aspects of the 21st Century ROAD to Housing Act to limit such investors' role in the market starting in 2027.

"Under President Trump, this Administration continues to restore the path to affordable homeownership for millions of young and working families," Treasury Secretary Scott Bessent said in a statement.

The White House fact sheet highlighted the order as part of efforts to decrease housing costs for Americans ahead of midterm elections.