The US housing finance landscape is undergoing new changes. Trump recently announced a $200 billion mortgage-backed securities (MBS) purchase plan, directly addressing the current housing affordability issues. According to Bill Pulte, Director of the US Federal Housing Finance Agency, this funding will be executed by the giants Fannie Mae and Freddie Mac, without requiring Congressional approval, reflecting direct administrative intervention.

Interestingly, this tactic is not unfamiliar. After the 2008 financial crisis, the Federal Reserve used similar MBS purchase operations to stabilize the market. But the current context is entirely different — the Fed has already cut interest rates consecutively, with a total reduction of 75 basis points, yet the 30-year fixed mortgage rate remains stuck at a high 6.16%. This indicates that the traditional interest rate transmission mechanism to the mortgage market has encountered problems.

From a market perspective, the core goal of this policy is clear: to increase market liquidity through large-scale MBS purchases, thereby lowering mortgage costs and easing homebuying pressure for ordinary families. How significant is the policy's impact? The $200 billion scale is enough to have a substantial effect on the bond market. Whether it can truly break the current interest rate deadlock depends on the actual market response.