FHA Reduces Mortgage Insurance

    Good news for home buyers. In the anticipation of rising rates and concerns over home affordability, The Federal Housing Administration (FHA)will reduce the annual premium borrowers pay, in order to expand credit access to more Americans, the government announced Monday.

    Borrowers who close on an FHA mortgage after January 27 will pay 25 basis points less for the mortgage insurance premium, the Department of Housing and Urban Development said.

    FHA noted that the premium decrease might help offset some of the impact of higher rates for mortgages. Rates have jumped about 66 basis points since the November election.

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