The current average mortgage rate on a 30-year fixed mortgage is 6.63% with an APR of 6.66%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.71% with an APR of 5.

28/36 rule: Housing expenses (including mortgage payments, utilities, HOA fees and homeowners insurance) should be no more than 28% of your gross income and no more than 36% on debts overall. 30% rule: Keep monthly mortgage payments and other housing costs to no more than 30% of your take-home pay.

Trump could order the Treasury Department to start buying mortgage-backed securities, like when the Federal Reserve bought roughly $1.45 trillion of MBSs during the Great Recession. That was popularly known as quantitative easing. Buying MBS can reduce mortgage rates by increasing competition and increasing mortgage market liquidity.