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Federal Housing Agency to Lower Mortgage Insurance Premiums

January 10, 2017

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The U.S. Federal Housing Administration will reduce the annual premiums on mortgage insurance on home loans the agency insures by a quarter point on Jan. 27, it said on Monday.

The FHA projected homeowners it insures would save an average of $500 a year with the new premiums.

The lower premiums will come after mortgage rates recently hit their highest levels in over two years and the FHA’s Mutual Mortgage Insurance Fund has been recovering from the hit it took due to claims in the aftermath of the housing bust.

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