WASHINGTON (Reuters) -U.S. President Donald Trump downplayed efforts to offer a 50-year mortgage as a way to make owning a house more affordable than with typical 30-year loans, even as homeowners would pay far more in interest and take longer to build equity.

"All it means is you pay less per month. You pay it over a longer period of time. It's not like a big factor. It might help a little bit," Trump told Fox News' "The Ingraham Angle" program on Monday night, blaming his Democratic predecessor Joe Biden and the Federal Reserve's interest rate policies for home affordability concerns.

Some conservative lawmakers and influencers as well as economists have panned the idea, noting that it would take people longer to actually own their homes under such loans.

Over the weekend on X, Republican U.S. Representative Marjorie Taylor Greene reacted to the idea, writing "In debt forever, in debt for life!" while right-wing activist Mike Cernovich wrote: "Lifetime mortgages."

HOUSING AFFORDABILITY IS KEY ISSUE    

U.S. Federal Housing Finance Agency Director Bill Pulte on Saturday had said FHFA was "working on" a five-decade-long mortgage after Trump, a Republican, posted an image of himself under the heading "50-year Mortgage" on social media.

"A complete game-changer," Pulte wrote on X.

"We are also working on ways to give relief in the 5 year mortgage, the 10 year mortgage, and the 15 year mortgage," he wrote separately on Sunday, with no further details. "At Fannie and Freddie, we are evaluating how to do assumable or portable mortgages, in a safe and sound manner," Pulte added, referring to the government-sponsored mortgage enterprises Fannie Mae and Freddie Mac.

Representatives for FHFA did not respond to requests for comment seeking more details on the plan. 

"The White House and the entire Trump administration are appreciative of Mr. Pulte's efforts, and everyone is working together to implement the president's policies," White House spokesman Davis Ingle said. 

U.S. households are grappling with cost-of-living increases ranging from housing and groceries to fuel and education even as inflation has grown at a slower rate. Prices took center stage in last week's state and local elections that saw Democrats sweep key races even as Trump has doubled down on his economic program.

"I don't know that they are saying that. I think polls are fake. We have the greatest economy we've ever had," Trump told Fox News.

Affordability could remain a challenge for many prospective buyers as home prices continue to rise.

While home sales rose in September, pending sales remained unexpectedly flat despite lower mortgage rates. Mortgage rates declined after the Federal Reserve resumed cutting interest rates last month, but the dip has been somewhat overshadowed by growing anxiety over the softening labor market.

Trump has urged the Fed to make more drastic rate cuts, with U.S. Treasury Secretary blaming current rates for what he said may already be a recession in the housing sector. 

The central bank voted last month in favor of lowering its benchmark interest rate to the 3.75%-4.00% range. 

The average rate on the popular 30-year fixed-rate mortgage is at a one-year low of 6.19% after surging to 7.04% in January, Freddie Mac data showed last month.

"It's not clear how much this could lower the monthly payment because we don't know what the interest rate would look like compared to a 30 year mortgage," Daryl Fairweather, chief economist at Redfin, said on X on Monday. "A more effective, long-term solution is to fix the supply side."