Housing affordability has been a major concern for buyers across the country, and the Concord and greater Charlotte real estate markets are no exception. Between home prices, mortgage rates, insurance costs, and other expenses, getting into a home can feel like a bigger financial hurdle than ever.
On October 22, 2026, President Donald Trump signed an executive order aimed at reducing some of the costs associated with homeownership. The order focuses on mortgage insurance, refinancing expenses, certain government-backed home loans, and expanding the use of manufactured and factory-built housing.
So, what does this mean for people hoping to buy a home in North Carolina? While the order could create opportunities over time, the changes still need to be implemented, and not every homeowner or buyer will qualify for potential savings.
1. Could Some Homeowners Pay Less for Mortgage Insurance?
One of the order's key provisions directs the Federal Housing Finance Agency (FHFA) to establish a pilot program through Fannie Mae and Freddie Mac that could help eligible borrowers cancel mortgage insurance.
Mortgage insurance is an additional expense that some homeowners pay when they purchase a home with a smaller down payment. For many conventional loans, private mortgage insurance (PMI) can eventually be removed once the borrower meets certain equity requirements. FHA loans have different mortgage insurance rules, so the process depends on the type of loan.
Under the proposed pilot, eligible loans would be periodically reviewed using automated home-value estimates and other available data. If a borrower appears to have sufficient equity and meets the applicable requirements, mortgage insurance could potentially be canceled without the same level of paperwork, appraisal expenses, or administrative steps.
There is an important limitation: the pilot is intended to apply only to mortgages made after the program is established. That means homeowners with existing mortgages should not assume they will automatically receive this benefit.
For future buyers, however, the possibility of reducing monthly mortgage expenses over time could be worth watching as more details become available.
2. Refinancing Costs Could Also Change
Refinancing can help homeowners take advantage of a lower interest rate, change their loan terms, or reduce their monthly payment. But refinancing comes with its own expenses, which can make the decision less attractive.
The executive order directs the FHFA to make permanent an existing pilot program related to title insurance waivers for certain mortgage refinances. It also calls for steps to reduce some refinancing expenses, including unnecessary documentation requirements and certain fees, when applicable conditions are met.
The goal is to make qualifying refinances less expensive and help ensure that savings are passed along to borrowers.
That does not mean refinancing will automatically become the right choice for every homeowner. The interest rate available, closing costs, remaining loan balance, and how long someone plans to stay in the home will still matter.
For homeowners in Concord, Harrisburg, Kannapolis, and surrounding communities, it may be worthwhile to revisit refinancing options if rates or program requirements change. Just be sure to compare the total costs and long-term benefits before making a decision.
3. More Attention on Manufactured and Factory-Built Homes
Another major part of the order focuses on manufactured and factory-built housing as a potential way to increase the supply of more affordable homes.
The order establishes a Task Force on Manufactured Housing Innovation, co-chaired by leaders from the U.S. Department of Housing and Urban Development and the FHFA. The task force is directed to submit recommendations within 180 days on ways to streamline standards, certifications, inspections, and approvals for eligible manufactured and factory-built homes.
The broader goal is to reduce unnecessary delays and costs in construction while maintaining appropriate safety and quality standards.
Manufactured homes are built in a factory and transported to their site, while modular homes are also factory-built but are typically assembled on a permanent foundation under applicable building codes. Both can offer alternatives to traditional site-built construction, depending on the property, location, and buyer's needs.
However, the price of the home itself is only part of the equation. Buyers also need to consider the cost of land, site preparation, utilities, transportation, installation, financing, insurance, and any required permits.
Local zoning rules and land availability can also affect where these homes can be placed. Federal changes may help streamline parts of the process, but they will not automatically remove every local restriction or make every property suitable for this type of construction.
For buyers who are open to different housing options, manufactured and factory-built homes may be worth considering as the industry evolves.
4. Potential Changes to Certain Government-Backed Loans
The executive order also directs the secretaries of Agriculture and Veterans Affairs to reduce interest rates on certain single-family home loans issued directly through their departments, subject to applicable laws and available funding.
This provision is relevant to some borrowers using USDA or VA direct-loan programs. It should not be interpreted as an automatic rate reduction for every USDA- or VA-backed mortgage, or for conventional loans.
If you are considering a USDA or VA loan, ask your lender which programs you qualify for and whether any new rates or requirements have actually taken effect. Program details and eligibility will determine whether a change could benefit you.
What Could This Mean for the Concord and Charlotte Housing Market?
For local buyers, the biggest takeaway is that housing affordability involves much more than the purchase price or mortgage rate.
Reducing insurance expenses, lowering refinancing costs, and encouraging more efficient home construction could help some households over time. But the effect on the local market will depend on how these measures are implemented and whether they lead to meaningful savings or additional housing supply.
In the Concord area and across greater Charlotte, buyers should continue to look at the full monthly cost of owning a home, including principal and interest, property taxes, homeowners insurance, mortgage insurance when applicable, HOA dues, utilities, and maintenance.
It is also worth exploring different financing options, asking about seller concessions or lender incentives when available, and comparing homes across a range of price points.
For sellers, affordability remains an important factor in how buyers evaluate a property. Thoughtful pricing, strong presentation, and a clear understanding of competing listings can help a home stand out in a market where monthly payments are top of mind.
Should You Wait for These Changes Before Buying a Home?
Not necessarily. The executive order signals a focus on reducing certain housing costs, but many of the details still need to be developed. Some provisions may take time to implement, and others will apply only to borrowers who meet specific requirements.
Waiting for a policy change does not guarantee that home prices or mortgage rates will improve. At the same time, buying a home should never mean stretching your budget beyond what feels comfortable.
The best next step is to evaluate your own finances, timeline, and housing needs using the options available today, while staying informed about programs that may become available in the future.
If you're thinking about buying or selling in Concord, Kannapolis, Harrisburg, or the greater Charlotte area, I can help you understand the local market, compare your options, and make a plan that fits your goals.
