![]() “Against the backdrop of robust FHA capital reserves and rapidly deteriorating affordability, it is critical for the Administration to ensure low to moderate- income and first-time homebuyers are not left behind,” the letter said. Just as importantly, the letter said, FHA loan performance has recovered from COVID-related forbearance – FHA’s serious delinquency rate in the second quarter of 2022 at 4.64 has returned to pre-pandemic lows and stands at the lowest level since first quarter 2020. The letter noted FHA’s Mutual Mortgage Insurance Fund capital reserve ratio stands at more than 8%, four times the statutory minimum reserve ratio. The combination of higher prices and rates has put severe stress on prospective LMI and first-time homebuyers.”Īccording to the MBA Purchase Application Payments Index, the national median mortgage payment was $1,844 in July, up by more than $460 in just the first seven months of this year. Since the beginning of this year, mortgage rates have climbed sharply – this week’s rate for a 30-year fixed rate mortgage is 5.89%, 267 basis points higher than in January. New home prices have also reached record levels in 2022, climbing to $439,400. “Home prices have continued to show strong year-over-year increases, with the existing home sales price reaching $410,600, up 11% from one year ago. “Sharply higher mortgage rates and rising home prices mean the time to act is now,” the letter said. ![]() The letter to Brian Deese, Chairman of the NEC, said a reduction in FHA mortgage insurance premiums-long-advocated for by MBA-is prudent under current economic conditions. The Mortgage Bankers Association and other industry trade groups urged the National Economic Council to support a reduction of the annual mortgage insurance premium for borrowers with FHA-insured loans. MBA's Diversity and Inclusion Initiative.Conferences & Education Expand subnavigation.News, Research & Resources Expand subnavigation. ![]() CFPB 2.0: Advancing Consumer Protection.State Legislative and Regulatory Resource Center.Advocacy and Policy Expand subnavigation.
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