Lower rates are the single clearest lever, because affordability is the binding constraint for most households. Whenever rates have eased even modestly, buyer activity has picked up. Small moves matter more than people expect: a rate improvement of roughly half a point has been enough to lift purchase-mortgage applications noticeably (Mortgage Bankers Association application data, covered by outlets like HousingWire, shows those swings), even while overall volumes remain historically low. The honest caveat: rates aren't a dial the FHA or any single agency turns. Where rates go depends on inflation, Fed policy, the bond market, and the broader economy, with real consequences to any move. Lowering rates is easy to say and hard to engineer. Beyond rates, the durable levers are supply and access: more homes built at attainable price points, and sensible credit availability so qualified buyers can actually transact. Nobody can promise where rates or volumes go, but if you're watching for a pickup, rate relief showing up in purchase-application data is usually the first real sign.