Hilton Head Island, Bluffton, & The Surrounding SC Lowcountry
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Jan 13, 2017
As rising interest rates make it more expensive for people to buy homes, the U.S. Department of Housing and Urban Development announced Monday that the Federal Housing Administration is reducing the insurance premiums people pay monthly on FHA mortgages.
The annual premium that people will pay is dropping 25 basis points — from 0.85 percent of the value of the mortgage to 0.60 percent. The change goes into effect for people who refinance mortgages or buy homes with FHA loans on or after Jan. 27.
The reduction will save the average borrower who gets a 30-year fixed-rate $200,000 mortgage about $500 a year, the FHA said. About 1 million borrowers will save money on mortgage payments, reducing costs about half a billion next year, said HUD Secretary Julian Castro in a conference call with journalists.
Read more from the Source: FHA cuts insurance premiums on mortgages, saving average borrower hundreds
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