Improving Home Prices, Increased Availability of Private MI Fuel FHA Refis, Boost GNMA Prepays
February 28, 2013
Improving house prices and increased availability of private mortgage insurance should provide greater opportunity to FHA borrowers to refinance to conventional loans, according to a recent report from Barclays Research. FHA annual mortgage insurance premiums are set to go up another 10 basis points on April 1 for most loans, except mortgages originated before June 2009 that are being refinanced through FHAs streamline refi program. Those loans pay just 1 basis point in upfront premium and 55 bps in annual premiums. The most recent available data through November 2012 show...