{"id":79140,"date":"2025-01-21T09:37:57","date_gmt":"2025-01-21T17:37:57","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79140"},"modified":"2025-01-21T09:37:57","modified_gmt":"2025-01-21T17:37:57","slug":"president-trump-day-one-housing","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/president-trump-day-one-housing\/","title":{"rendered":"President Trump\u2019s Day-One Actions Will Push Mortgage Rates Down Slightly"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">President Trump\u2019s day-one executive order on housing signals that tackling the housing affordability crisis in the U.S. will be a priority. His remarks on tariffs should bring mortgage rates down a bit.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">President Trump <\/span><a href=\"https:\/\/www.housingwire.com\/articles\/trumps-executive-orders-and-the-policies-that-could-affect-housing\/\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> an <\/span><a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/01\/delivering-emergency-price-relief-for-american-families-and-defeating-the-cost-of-living-crisis\/\"><span style=\"font-weight: 400;\">executive order<\/span><\/a><span style=\"font-weight: 400;\"> on housing on the first day of his second term, signaling that he is serious about addressing the national housing shortage and affordability crisis.\u00a0<\/span><\/p>\n<p><b>Takeaway:<\/b><span style=\"font-weight: 400;\"> For housing, the most tangible immediate consequence of Trump taking office is that <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\"><span style=\"font-weight: 400;\">mortgage rates<\/span><\/a><span style=\"font-weight: 400;\"> will come down slightly. That\u2019s because action on tariff policy has been more benign than expected so far. Trump\u2019s other actions around immigration and lowering the cost of housing are vague at this point, and are unlikely to have immediate consequences. We\u2019ll keep an eye out for more detailed plans.\u00a0<\/span><\/p>\n<p><b>Mortgage rates will see some relief as near term action on broad-based tariffs seem less likely. <\/b><span style=\"font-weight: 400;\">Trump\u2019s remarks on China were significantly less hawkish than his recent commentary and the trade policy <\/span><a href=\"https:\/\/www.reuters.com\/world\/us\/draft-trump-trade-memo-targets-us-trade-deficit-china-purchases-us-exports-2025-01-20\/\"><span style=\"font-weight: 400;\">memo<\/span><\/a><span style=\"font-weight: 400;\"> that was uncovered. While additional tariffs on China seem probable, they now appear to be a lower priority. 25% tariffs on goods from Canada and Mexico are still a distant possibility, despite remarks suggesting a February 1 timeline. He made similar <\/span><a href=\"https:\/\/www.npr.org\/2019\/06\/07\/730283772\/trump-u-s-mexico-reaches-deal-to-avoid-new-tariffs\"><span style=\"font-weight: 400;\">remarks<\/span><\/a><span style=\"font-weight: 400;\"> about Mexico in 2019 that never materialized. And his recent pledge was to implement these tariffs on Inauguration Day, but he is now kicking the can down the road.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A universal tariff seems unlikely given Trump\u2019s <\/span><a href=\"https:\/\/www.reuters.com\/world\/trump-lay-out-trade-vision-wont-impose-new-tariffs-yet-wsj-reports-2025-01-20\/\"><span style=\"font-weight: 400;\">remark<\/span><\/a><span style=\"font-weight: 400;\"> that \u201c[he] may, but we\u2019re not ready for that yet.\u201d His trade policy <\/span><a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/01\/america-first-trade-policy\/\"><span style=\"font-weight: 400;\">memo<\/span><\/a><span style=\"font-weight: 400;\"> instructs administration officials to report back on progress by April 1, suggesting that any changes would come in Q2 at the earliest, and that there is no agreement within the administration on their approach.<\/span><\/p>\n<p><b>President Trump issued a <\/b><a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/01\/delivering-emergency-price-relief-for-american-families-and-defeating-the-cost-of-living-crisis\/\"><b>directive<\/b><\/a><b> to reduce the cost of housing. <\/b><span style=\"font-weight: 400;\">He plans to do that by reducing the regulatory burden of construction, but there are no specifics on how the federal government would achieve that goal. Much of the regulatory red tape hampering housing construction is controlled by local governments. Past presidents have incentivized local governments to build more housing. It\u2019s possible Trump could take unprecedented measures, like withholding state funding or asserting the federal government has the legal authority to override local zoning laws in certain circumstances.\u00a0 Trump has expressed interest in\u00a0 building on federal lands, but that alone is unlikely to provide enough new housing to move the needle. The federal government has a more direct impact in mortgage financing. Here, the administration may explore privatizing the GSE\u2019s, lowering fees associated with taking out a mortgage, or making it easier to get a mortgage.\u00a0<\/span><\/p>\n<p><b>Immigration is seemingly a higher priority for the administration. <\/b><span style=\"font-weight: 400;\">Trump took <\/span><a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/01\/realigning-the-united-states-refugee-admissions-program\/\"><span style=\"font-weight: 400;\">multiple<\/span><\/a> <a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/01\/declaring-a-national-emergency-at-the-southern-border-of-the-united-states\/\"><span style=\"font-weight: 400;\">actions<\/span><\/a> <a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/01\/guaranteeing-the-states-protection-against-invasion\/\"><span style=\"font-weight: 400;\">to<\/span><\/a> <a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/01\/realigning-the-united-states-refugee-admissions-program\/\"><span style=\"font-weight: 400;\">slow<\/span><\/a><span style=\"font-weight: 400;\"> the flow of migration across the border on the first day of his second term, but he has not taken any steps toward the more extreme scenario of deporting people who are already in the U.S. Fewer immigrants means higher construction costs, but it\u2019s much too early to estimate the impact.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Trump\u2019s day-one executive order on housing signals that tackling the housing affordability crisis in the U.S. will be a priority. His remarks on tariffs should bring mortgage rates down a bit.\u00a0 President Trump issued an executive order on housing on the first day of his second term, signaling that he is serious about addressing [&hellip;]<\/p>\n","protected":false},"author":13558,"featured_media":79144,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[632],"tags":[36,623,19],"dashboard":[],"coauthors":[622],"class_list":["post-79140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-from-our-economists","tag-economics","tag-national","tag-politics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>President Trump\u2019s Day-One Actions Will Push Mortgage Rates Down Slightly<\/title>\n<meta name=\"description\" content=\"President Trump\u2019s day-one executive order on housing signals that addressing the housing affordability crisis in the U.S. will be a priority. 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