"All it means is you pay less per month. You pay it over a longer period of time. It's not like a big factor. It might help a little bit," Trump told Fox News, blaming his Democratic predecessor Joe Biden and the Federal Reserve's interest rate policies for home affordability concerns.
Conservative politicians, influencers in Trump's Make America Great Again movement, and economists were among those to dismiss the idea, noting that it would take people longer to actually own their homes.
Republican US Representative Marjorie Taylor Greene wrote on X, "In debt forever, in debt for life!" while right-wing activist Mike Cernovich reacted with "Lifetime mortgages."
US Federal Housing Finance Agency Director Bill Pulte said FHFA was "working on" a five-decade-long mortgage after Trump, a Republican, posted an image of himself under the heading "50-year Mortgage" on social media.
"A complete game-changer," Pulte wrote on X.
"We are also working on ways to give relief in the five-year mortgage, the 10 year mortgage, and the 15 year mortgage," he wrote separately on Sunday, offering no details and adding that the agency was examining "assumable or portable mortgages."
FHFA did not respond to requests for comment.
"Everyone is working together to implement the president's policies," White House spokesman Davis Ingle said, adding that any policy changes would be announced by the White House.Â
US households are grappling with cost-of-living increases even as inflation has grown at a slower rate. Prices took centre stage in last week's elections that saw Democrats sweep key races as Trump doubles down on his economic agenda.
"I don't know that they are saying that. I think polls are fake. We have the greatest economy we've ever had," Trump told Fox.
Affordability could remain a challenge for many prospective buyers as home prices remain high at nearly 60 per cent above pre-COVID-19 levels on average.
While home sales rose in September, pending sales remained unexpectedly flat despite lower mortgage rates, which fell after the Fed cut benchmark interest rates last month.
Despite lower rates, the US housing market remains stuck, with the median age of a first-time buyer at a record high of 38 last year - well above the late-20s reading that was typical in the 1980s.
Trump has urged more drastic Fed rate cuts, with Treasury Secretary Scott Bessent blaming current rates for what may already be a recession in the housing sector.
19°C