LOS ANGELES, Jan. 9, 2017 /PRNewswire-USNewswire/ -- The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to the announcement by the U.S. Department of Housing and Urban Development that the Federal Housing Administration (FHA) will lower its annual mortgage insurance premium.
"Today's move by U.S. Housing and Urban Development Secretary Julian Castro to lower the FHA annual mortgage insurance premium is welcomed news," said C.A.R. President Geoff McIntosh. "With recent hikes in interest rates, the expected average savings of $500 this year will help offset the higher cost of homeownership for many prospective homebuyers and put them on the path to achieving the American Dream."
C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR) both have long advocated for lower FHA mortgage insurance premiums and continue to encourage efforts to make homeownership less costly.
Leading the way...® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.