The Biden administration is expected to reduce the fee borrowers pay to have their mortgages insured by the Federal Housing Administration, the Wall Street Journal reported Tuesday, citing people familiar with the matter.
The Federal Housing Administration will reduce the fee borrowers pay to have their mortgages insured by the agency by about $800 a year on a typical loan, or 0.3 percentage point, the people said.
“There is nothing more important the administration could do to help minorities and underserved borrowers address the currently unprecedented homeownership affordability challenges than cutting FHA premiums,” said Scott Olson, executive director of the Community Home Lenders of America.
In a June 12, 2022 article, CNBC shares how 65% of millennials (26-41) and 59% of Gen Zers (18-25) equated success to owning a home. Among the surveyed 1,132 non-homeowners, it was reported that two-thirds blame affordability as why they haven't purchased a home.
After a 13% increase in Aug year-over-year, the increase dropped to 10.6% in Sept, starting a slow, downward trajectory of housing prices. In Sept, prices declined by 1.2% from a month earlier.
Read more: https://unusualwhales.com/news/us-housing-market-prices-slipped-1-2-compared-to-a-month-earlier-resulting-in-the-third-consecutive-drop-this-year
