On Wednesday, February 23, 2023, Vice President Kamala Harris and Housing and Urban Development (HUD) Secretary Marcia Fudge announced a 30 basis point reduction in the Federal Housing Administration’s (FHA) mortgage insurance premium (MIP).

The decision to reduce the MIP comes after a strong financial performance in FHA’s capital reserve ratio, which currently stands at 11% - 9% above what is statutorily required.

NAR has continuously advocated for responsibly reducing the MIP to help qualified buyers in the current market, and FHA projects this reduction will save new buyers with FHA mortgages an average of $800 in their first year of homeownership.

Read NAR’s coalition letter to the White House Economic Councilpdf

Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.