White House Signs 60-Provision Housing Bill as 6.47% Mortgage Rates Cloud Affordability
Updated
Updated · POLITICO · Jun 24
White House Signs 60-Provision Housing Bill as 6.47% Mortgage Rates Cloud Affordability
3 articles · Updated · POLITICO · Jun 24
Summary
Wednesday’s signing caps a bipartisan housing package negotiated by the White House and both chambers of Congress, turning nearly 60 provisions into law ahead of the midterm campaign stretch.
The bill aims to lower costs mainly by expanding housing supply, while also including a restriction on large investors buying more than 350 single-family homes — a priority backed by Democrats and supported by Trump.
Republicans are framing the measure as proof a GOP trifecta can deliver results, while Democrats say it strengthens their cost-of-living message as Trump’s tariffs and Iran policy push up household expenses.
A 6.47% average 30-year fixed mortgage rate remains the biggest obstacle to affordability, and it has stayed above 6% since 2022 despite some improvement from rising incomes.
That leaves both parties claiming credit for a rare bipartisan win in Washington while confronting the broader reality that borrowing costs — still outside the bill’s reach — may dominate voters’ housing experience.