Surprising reduction in mortgage insurance premiums is agency’s first in two years
By Annamaria Andriois | The Wall Street Journal
The federal government is lowering costs for some mortgage borrowers.
The Federal Housing Administration, which insures mortgages directed at home buyers who have small down payments and often lower credit scores, said Monday it is cutting annual mortgage insurance premiums on most new mortgages by 0.25 percentage point. On the largest loans, those that exceed $625,500, the premium will drop by 0.45 of a point. The lower costs will be effective Jan. 27.
