Mortgage News
Stay up to date with information on the latest developments, trends, and happenings in the mortgage industry.
First-Time Homebuyer? It Just Got Easier To Buy A Home
In a major development that will significantly impact the mortgage landscape, as of May 1st, 2023, Loan-Level Price Adjustments (LLPAs) have been drastically decreased for […]
How Recent Bank Turmoil May Be Good for Rates
The bank run of Silicon Valley Bank introduced new uncertainty about the state of the economy, reminiscent of the Great Recession of 2008. In response, […]
FHA Reduces Annual MIP by 30 Basis Points
The Federal Housing Administration (FHA), which falls under the Department of Housing and Urban Development (HUD), has announced a 30 basis point reduction to the annual mortgage insurance premiums (annual MIP) that homebuyers who obtain an FHA-insured mortgage are charged. The reduction will be from 0.85 percent to 0.55 percent for most homebuyers seeking an FHA-insured mortgage, which, according to HUD, can potentially save American families an estimated $678 million by the end of 2023. This will benefit an estimated 850,000 borrowers, who will save an average of $800 annually.