Happy Friday, everyone!

Earlier this week we talked about the President’s Executive Order, “Decreasing Housing Costs for the American People.” In plain English: someone in Washington finally noticed housing is expensive. Groundbreaking stuff.

Here’s what it does:

• It directs the FHFA Director to create a pilot program that proactively removes mortgage insurance premiums for eligible borrowers. Imagine your lender calling to say, “You can stop paying for this now.” I know. I had to sit down too.
• It directs the Secretaries of Veterans Affairs and Agriculture to lower costs on VA and USDA loans. Finally, a farm-to-table special we can all get behind.

Now the not-so-fun part. Tensions between the U.S. and Iran heated up this week, and oil prices went with them. You’ve seen it at the pump. Filling up your tank now feels like a small down payment. It also dims hopes for a quick resolution, and the markets aren’t thrilled.

The good news: rates improved enough this week to stay below 5%. For perspective, back at the end of February, when the 10-year Treasury was at 3.99%, the average mortgage rate was just under 6%.

Rates will likely hold on to these gains this week, and after the elections, they may drop further. Fingers crossed, and toes too, if you’re flexible.

Have a fantastic weekend! I’ll be out at open houses again supporting our agents. Come say hi. I’m the one who’ll be eyeing the cookies.

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