The Trump administration is weighing longer-term mortgages, including 50-year loans, to improve affordability as rates fall, HUD Secretary Scott Turner told Newsmax on Wednesday.
"Under President Trump's leadership, interest rates are coming down, mortgage rates are coming down, and need to continue," Turner told Wednesday's "Newsline," adding that ideas such as 50-year mortgages are under review as part of broader efforts to expand access to housing while keeping the market stable.
Turner noted that the administration inherited rising housing costs and high rates from former President Joe Biden's term, but has since made progress.
He pointed to recent progress in Federal Housing Administration programs, citing more than 630,000 FHA loans since Trump took office, with roughly 370,000 going to first-time homebuyers.
Turner added that HUD has worked to reduce federal regulatory barriers that make it harder to build or purchase homes.
When asked about the specifics of a possible 50-year mortgage program, Turner said it remains early in development.
He explained that HUD and other agencies are studying the proposal to ensure it benefits buyers without creating new risks.
"There's a lot of research and study that has to be done, not just on the 50-year mortgage, but on all the ideas that are coming forward," he said. "We want to measure twice, cut once, and do what's best for the American people."
Turner also addressed housing affordability concerns linked to corporate ownership of single-family homes in some U.S. cities.
He downplayed the scope of institutional buying, saying large investors make up only a small share of the market.
Instead, he pointed to illegal immigration, high mortgage rates, and inflation as the main drivers behind housing shortages and price spikes.
Turner noted that HUD is urging local governments to roll back restrictive zoning and development regulations, which he said "cripple building and development."
Finally, Turner praised Fannie Mae's move to lower minimum credit score requirements for homebuyers, calling it a positive step as long as federal programs safeguard taxpayers.
"We want to protect the housing market and do this in such a way that not only are we bringing affordability down and helping people achieve the American dream, but we're doing it in such a way that it lasts from generation to generation," he said.
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