General World News

Home price growth, low mortgage rates boost MMI fund

The Department of Housing and Urban Development is taking a cautionary approach to changes to mortgage insurance premiums after a banner year for its Mutual Mortgage Insurance (MMI) fund.

The capital ratio of the Federal Housing Administration’s MMI fund reached 8.03% at the end of September, an increase of 1.93 percentage points from the previous year, when it was 6.10%. The report marked the sixth consecutive year the ratio has exceeded its 2.00% statutory minimum.

As of yet, there are no plans to lower the mortgage insurance premium, which FHA borrowers pay to insure details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com