The Senate passed a bipartisan housing bill on Monday that aims to lower mortgage costs and boost housing supply by restricting Wall Street investors from buying single-family homes, as mortgage rates continue hovering near 6.5% amid an ongoing affordability crisis.
The 21st Century ROAD to Housing Act passed the Senate on June 23 by a vote of 85-5, according to CNBC. The measure targets institutional investors by preventing those that own 350 or more single-family homes from purchasing additional properties, addressing what lawmakers describe as a key driver of housing unaffordability.
The Washington Post reported that the bill is the first major housing legislation since the financial crisis. It combines provisions from both House and Senate proposals and reflects Trump administration priorities, particularly limits on institutional investor purchases. The bipartisan effort marks a rare moment of agreement in Congress on a complex policy issue affecting millions of Americans seeking homeownership.
The House gave final approval to the bill on June 24 with a vote of 358-32, according to Realtor.com. The legislation now heads to President Donald Trump, who has signaled his support for the measure. The bill streamlines environmental reviews, reduces federal regulations, and accelerates the construction process alongside the investor restrictions.
The timing coincides with persistent mortgage affordability challenges. As of mid-June, the 30-year fixed mortgage rate averaged 6.47% to 6.68%, according to Freddie Mac and Money.com surveys. These rates remain elevated compared to the historic lows seen in 2021, keeping homeownership out of reach for many Americans despite the new legislation.
The bill includes provisions to expand rental assistance programs, increase housing in opportunity zones, streamline permitting for new construction, and create grant programs for local governments that demonstrate measurable increases in housing supply. The Bipartisan Policy Center noted that the legislation includes 18 sections from both the House and Senate bills, plus at least 26 sections incorporating previously introduced bipartisan proposals.
Sources
- CNBC — Senate passage vote of 85-5 on June 22, 2026
- The Washington Post — Bill details, investor restrictions, and first major housing legislation since financial crisis
- Realtor.com — House final passage vote of 358-32 on June 24
- Freddie Mac — 30-year mortgage rate at 6.47% as of June 18, 2026
- Money.com — 30-year mortgage rate at 6.68% as of mid-June
- Bipartisan Policy Center — Bill provisions and structure details
