The government-sponsored enterprises' serious delinquency rate fell to 1.16 percent at the end of the third quarter, the report said (https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/FPR_3Q2016.pdf). Overall, the GSEs completed 46,390 foreclosure prevention actions in the third quarter, bringing the total number of foreclosure prevention actions to more than 3.7 million since the start of the conservatorships in September 2008, of which 1.993 million represented permanent loan modifications.
As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro announced the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent. FHA’s new premium rates are projected to save new FHA-insured homeowners an average of $500 this year.
FHA is reducing its annual mortgage insurance premium (MIP) by 25 basis points for most new mortgages with a closing/disbursement date on or after January 27, 2017. For a full schedule of the new premium rates announced today, read FHA’s mortgagee letter.