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HUD NEWS

U.S. Department of Housing and Urban Development – Julián Castro, Secretary

Office of Public Affairs, Washington, DC 20410                       

 

HUD No. 17-003                                                                                              FOR RELEASE

Brian Sullivan                                                                                                 Monday

202-708-0685                                                                                                   January 9, 2017

http://www.hud.gov/news/index.cfm

 

FHA TO REDUCE ANNUAL INSURANCE PREMIUMS ON MOST MORTGAGES

Modest reduction expands credit access and reflects improved economic health of FHA

 

            WASHINGTON – As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent.  FHA’s new premium rates are projected to save new FHA-insured homeowners an average of $500 this year. 

 

FHA is reducing its annual mortgage insurance premium (MIP) by 25 basis points for most new mortgages with a closing/disbursement date on or after January 27, 2017.  For a full schedule of the new premium rates announced today, read FHA’s mortgagee letter. 

 

            Today’s action reflects the fourth straight year of improved economic health of FHA’s Mutual Mortgage Insurance Fund (MMIF), which gained $44 billion in value since 2012.  Last year alone, an independent actuarial analysis found the MMI Fund’s capital ratio grew by $3.8 billion and now stands at 2.32 percent of all insurance in force—the second consecutive year since 2008 that FHA’s reserve ratio exceeded the statutorily required two percent threshold.

 

Secretary Castro said FHA’s action reflects today’s risk environment and comes at the right time for consumers who are facing higher credit costs as mortgage interest rates are increasing.

 

            “After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” said Secretary Castro.  “This is a fiscally responsible measure to price our mortgage insurance in a way that protects our insurance fund while preserving the dream of homeownership for credit-qualified borrowers.” 

 

            Ed Golding, Principal Deputy Assistant Secretary for HUD’s Office of Housing added, “We’ve carefully weighed the risks associated with lower premiums with our historic mission to provide safe and sustainable mortgage financing to responsible homebuyers.  Homeownership is the way most middle class Americans build wealth and achieve financial security for themselves and their families.  This conservative reduction in our premium rates is an appropriate measure to support them on their path to the American dream.”

 

Since 2009, the Obama Administration took bold steps to reduce risks in the mortgage market and to protect consumers.   In the wake of the nation’s housing crisis, FHA increased its premium prices numerous times to help stabilize the health of its MMI Fund.  Since 2010, FHA had raised annual premiums 150 percent which helped to restore capital reserves but significantly increased the cost of credit to qualified borrowers.  Today’s step restores the annual premium to close to its pre-housing-crisis level. 

 

In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards.   Today’s reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 1 million households who are expected to purchase a home or refinance their mortgages using FHA-insured financing in the coming year. 

 

           

 

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HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.
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Posted by Ellen Tatone on January 9th, 2017 10:41 AMLeave a Comment

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U.S. Dept. of Housing and Urban Development                  U.S. Census Bureau

Brian Sullivan                                                                            Raemeka Mayo or Stephen Cooper

Office of Public Affairs                                                              Economic Indicators Division

202-402-7527                                                                         301-763-516

brian.sullivan@hud.gov                                                             pio@census.gov

 

 

HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN FEBRUARY

 

WASHINGTON – Sales of new single-family houses in February 2016 were at a seasonally adjusted annual rate of 512,000, according to estimates released jointly today by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. This is 2.0 percent (±18.8%)* above the revised January rate of 502,000 and is 6.1 percent (±17.9%)* below the February 2015 estimate of 545,000.

 

The median sales price of new houses sold in February 2016 was $301,400; the average sales price was $348,900. The seasonally adjusted estimate of new houses for sale at the end of February was 240,000. This represents a supply of 5.6 months at the current sales rate.

 

Estimates of houses sold and for sale by stage of construction are now available on a seasonally adjusted basis as well as not seasonally adjusted basis. Historic seasonally adjusted data will be available back to January 1999 at http://www.census.gov/construction/nrs/historical_data/.

 

            New Residential Sales data for March 2016 will be released on Monday, April 25, 2016, at 10:00 A.M. EST.  Read more about new residential sales activity.  

 

EXPLANATORY NOTES

 

            These statistics are estimated from sample surveys. They are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated average relative standard errors of the preliminary data are shown in the tables. Whenever a statement such as “2.5 percent (±3.2%) above” appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percent change is likely to have occurred. All ranges given for percent changes are 90-percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percent changes shown in the tables. Changes in seasonally adjusted statistics often show irregular movement. It takes 3 months to establish a trend for new houses sold. Preliminary new home sales figures are subject to revision due to the survey methodology and definitions used. The survey is primarily based on a sample of houses selected from building permits. Since a “sale” is defined as a deposit taken or sales agreement signed, this can occur prior to a permit being issued. An estimate of these prior sales is included in the sales figure. On average, the preliminary seasonally adjusted estimate of total sales is revised about 4 percent. Changes in sales price data reflect changes in the distribution of houses by region, size, etc., as well as changes in the prices of houses with identical characteristics. Explanations of confidence intervals and sampling variability can be found on our web site listed above.

 

* 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

 


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Mason, OH 45040



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