Biden Administration Considers Particular Motion to Make Your Mortgage Cheaper

The Biden administration could cut mortgage costs for new and low-income homebuyers to make buying a home more accessible, The Wall Street Journal report.

Industry officials are asking the Federal Housing Administration to cut premiums on loans it covers by $50 to $70 a month per buyer, despite some analysts said the federal agency was unlikely to make such a deep cut, the newspaper reported.

Biden’s moves to make home buying more affordable so far have focused on easing constraints on home supply, which can drive up costs. Doug Duncan, chief economist at Fannie Maetold Bloomberg.

Last month, the Federal Reserve raised its key interest rate by three-quarters of a point — the biggest increase in nearly three decades. Federal Reserve Chairman Jerome Powell hinted that an additional three-quarters of a point could be raised at the next Fed meeting later this month, the Associated Press reported.

Borrowing costs across the U.S. surged after the rate hike, with the average 30-year mortgage rate offset at 6% – the highest since before the 2008 financial crisis and up 3 percent. % compared to the beginning of the year.

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