Experts Confirm: Reduced PMI Doing Its Job, Attracts First-Time Homebuyers into Housing Market
Earlier this year, the Federal Housing Administration decided to reduce private mortgage insurance (PMI) premiums, partly to help attract more first-time homebuyers into the housing market.
On Thursday, MarketWatch reporter Daniel Goldstein reported that the decision has already started to pay off.
“More sales are being financed and more applications are being approved,” said Mike Fratantoni, chief economist at the Mortgage Bankers Association. “We expect this trend to continue into 2016 and beyond.”
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