The move lowers the premium for most borrowers to 0.55% from 0.85%.
Savings for the 850,000 homebuyers and homeowners who have FHA loans could average $800 in 2023, per the White House.
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The Biden administration announced that the Federal Housing Administration will reduce the annual mortgage insurance premium it charges by 30 basis points. So reports NBC News.
The move lowers the premium for most borrowers to 0.55% from 0.85%.
Savings for the 850,000 homebuyers and homeowners who have FHA loans could average $800 in 2023, per the White House.