HUD Sec. Turner to Newsmax: More than 5M Borrowers See Mortgage Relief

Falling mortgage rates have already helped more than 5 million Americans, while housing affordability is of "utmost importance" to President Donald Trump, Housing and Urban Development Secretary Scott Turner said Tuesday on Newsmax.

As a result of the declining rates, more money is returning to consumers' hands, Turner said on Newsmax's "Wake Up America."

"Mortgage rates are falling," he said. "Borrowers now can have more money in their pockets.

"So we're on our way."

Mortgage rates fell last month and now stand just below 6.5%, the lowest in three years. Congress also plans to move forward with legislation to make homeownership even more affordable.

Turner, pointing to recent data showing homeowners are staying put longer, said that trend reflects the sharp contrast between the low-rate period during the COVID-19 era and today's changing market.

"Well, you know, during the COVID era, as you all know, mortgage rates were very low," Turner said. "It was almost free money."

He said many homeowners are sitting on rates below 5%, and some below 3%, but added that easing rates are beginning to shift market activity.

"But as you said before, mortgage rates are coming down," Turner said. "More Americans can afford to refinance their homes to buy new homes."

As a result, he added, "momentum of home sales is increasing. Income is increasing to help borrowers around our country."

Turner said he sees movement on both sides of the market, with more homes becoming available.

"And so even though people are staying, there are others who are moving," he said. "Supply is coming online. And so I'm excited.

"You know, where we are. There's much work to be done. But I think the trend is in our favor."

The comments came as the House of Representatives passed a bipartisan housing bill aimed at boosting the supply of homes. Asked how important it is for the bill to become law, Turner said it is "critical."

"You know, you've heard the president who's advocating for the House and the Senate to come together to pass strong legislation to help the American people," he said.

"We have an American first president," Turner added. "He cares about the American people. Housing affordability of is of utmost priority for him."

Turner said both chambers understand the stakes for homebuyers.

"And so the House and the Senate are very much aware that passing a bipartisan bill to help the American people as it pertains to housing affordability, it's not just important, but it's critical," he said.

Turner also described steps HUD is taking to combat fraud across federal housing and rental assistance programs, saying the agency identified "billions of dollars of payment error," including benefits going to ineligible recipients.

"We found payments going to tens of thousands of dead people, ineligible tenants around our country, those that are not American citizens," Turner said.

Turner said HUD signed a memorandum of understanding with the Department of Homeland Security to verify eligibility for HUD-funded housing and to ensure that recipients are American citizens.

He added that the agency stopped FHA mortgages from going to people in the country illegally.

"We also stopped FHA mortgages from going to illegals around our country," Turner said. "American people are our only priority."

Turner said the goal is to ensure taxpayer-backed housing assistance goes to eligible Americans.

"And so we want to make sure that HUD-funded housing, which is backed by taxpayers in America, goes to American citizens and not to illegals in our country," he said.

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