February 22, 2023

It was announced today through the Housing and Urban Development that FHA will reduce its annual mortgage insurance premium from .85% to 0.55% for most new borrowers. The mortgage insurance premium is the monthly fee homeowners with FHA-insured mortgages pay to insure their mortgages. It is estimated on average it will save homeowners $800 per year. The premium reduction will take effect on March 20.