Nobody can promise how privatization plays out, so we'll stick to the mechanics rather than a prediction. Fannie Mae and Freddie Mac operate under government conservatorship, and that effective government backstop on their mortgage-backed securities is a big part of why conventional rates sit where they do. Remove the backstop entirely and investors would demand more yield to hold those securities, which would push conventional rates up and likely steer more lower-credit-score borrowers toward FHA, shifting risk back onto the government through another door. The officials who have floated the idea have generally said they would only move forward if it didn't raise rates. Realistically, that means keeping some implicit guarantee behind the agencies rather than removing the support altogether. For you as a borrower, none of this changes what you can do under current rules, and there's no announced timeline to plan around. Watch it as a policy story. If and when guidelines actually change, that's when it starts to matter for your loan.