General World News

MBA urges White House to cut MI premiums

With housing affordability at an all-time low and accelerating consumer prices disproportionately affecting lower- and middle-income families, the Mortgage Bankers Association this week called on the White House and the Federal Housing Administration to reduce annual mortgage insurance premiums.

In a letter addressed to the National Economic Council, the mortgage trade group said the combination of high mortgage rates — which reached 6.28% on Tuesday — and home prices north of $400,000, has “put severe stress on prospective LMI and first-time homebuyers.” According to MBA data, the national median mortgage payment was $1,844 in July, up by more than details ⇒

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