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The annual premium paid by borrowers on mortgages backed by the Federal Housing Administration (FHA) is going down by a quarter of a percent. Housing and Urban Development (HUD) Secretary Julian Castro announced today that the annual mortgage insurance premium (MIP) will be reduced 25 basis points for most new mortgages with a closing date on or after January 27. The reduction is expected to save new FHA insured homeowners an average of $500 this year. A HUD press release said today's announcement reflects the fourth straight year that FHA's Mutual Mortgage Insurance Fund (MMIF) has strengthened. It has gained $44 billion in value since 2012 and last year alone grew by $3.8 billion. The fund now stands at 2.32 percent of all FHA insurance in force, the second consecutive year that it has exceeded
Housing News
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The annual premium paid by borrowers on mortgages backed by the Federal Housing Administration (FHA) is going down by a quarter of a percent. Housing and Urban Development (HUD) Secretary Julian Castro announced today that the annual mortgage insuran... (read more)
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Housing News
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Consumer perceptions about rising interest rates and stagnant income levels were the main contributors to a half-point decrease in Fannie Mae's Home Purchase Sentiment Index ® (HPSI) in December. The HPSI, which reflects key variables from the co... (read more)
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Housing News
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In its current edition of the Mortgage Monitor , covering data from November 2016, Black Knight Financial Services looks at the changing landscape of refinance lending . With the rise in interest rates that started this past fall and accelerated afte... (read more)
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Rob Chrisman
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Ah, here we are starting off a work week with 5 whole days in it. Remember that next Monday is a holiday for some, not all, with the usual questions about it on processing a loan. ( Lenders are not to include the date of the holiday in the three-day ... (read more)
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MBS Commentary
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NOTE: This paragraph will be at the top of the Day Ahead for a few weeks. Once you've read it, feel free to skip it. The Day Ahead has long been my venue to offer deep thoughts with a mix of big-picture and near-term technical considerati... (read more)
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MBS Commentary
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NFP is the biggest piece of economic data on any given month--so big, in fact, that financial markets treat it as a focal point for trading activity regardless of the outcome . As we know, stronger job creation is generally bad for rates and w... (read more)
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