In his first executive action, President Donald Trump is blocking an Obama administration policy that would have cut the cost of mortgages for millions of home buyers.

“This change will increase the monthly MIP payment by $29 a month and that totals about $500 a year,” says Inland Home Mortgage loan officer Marla Thomas.

She says the action will affect millions of homeowners with FHA-backed mortgages. William E. Brown, the president of the National Association of Realtors, says the cut would have allowed more people to qualify for a mortgage because more borrowers could meet the debt-to-income ratio required to borrow money.

During his campaign, Trump promised Day One executive actions repealing Obama policies on immigration and health care, so the change in mortgage premiums that Trump signed on Friday took many by surprise.