21st Century Road to Housing Act Nears Automatic Enactment as 6.49% Mortgages Squeeze Buyers
Updated
Updated · CNN · Jul 9
21st Century Road to Housing Act Nears Automatic Enactment as 6.49% Mortgages Squeeze Buyers
3 articles · Updated · CNN · Jul 9
Summary
Midnight Friday is the deadline for President Donald Trump to veto the bipartisan housing bill; otherwise it automatically becomes law, aiming to expand supply through manufactured housing and repair aid for aging homes.
6.49% average 30-year mortgage rates are blunting any near-term affordability relief, with Treasury yields staying elevated as renewed US-Iran tensions and higher oil prices fuel inflation and Fed hike fears.
2.4% fewer existing homes sold in June than in May, showing buyers remain highly rate-sensitive even during the spring selling season, though sales were still up 2.8% from a year earlier.
$440,600 was the median existing-home price in June, a record for the month, underscoring how tight supply continues to keep prices high.
Zillow still sees mortgage rates easing to about 6.3% by end-2026, but experts say the new law would take years—not months—to materially improve prices or availability.