The most visible housing-market impact from the current government shutdown is on the millions of civilian federal employees who could be furloughed or laid off and miss paychecks, in turn leaving them potentially struggling to make their mortgage and rent payments. Behind the scenes, the mortgage and housing system could also feel the strain if the shutdown drags on. When agencies halt or scale back operations, processing of federally insured or guaranteed loans slows — and in some cases grinds to a temporary halt. By recent estimates, more than 2,500 mortgage originations per working day are at risk of delays during a shutdown, in programs directly tied to federal agencies. That means deals relying on these lending mechanisms may stall, perhaps indefinitely. The Mortgage Bankers Association has warned lenders processing government-insured loans that they should expect significant delays. That burden falls especially hard on borrowers already facing the greatest barriers to homeownership.  Housing Affordability Is Already Stretched in 2025 To understand how damaging…