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On September 14, 2022, the National Association of REALTORS® sent a coalition letter to the National Economic Council with the White House urging a reduction of the Federal Housing Administration’s (FHA) annual mortgage insurance premium (MIP). As interest rates continue to rise and economic conditions worsen, it is critical for FHA to reduce the annual MIP so low to moderate-income and first-time home buyers remain competitive in the housing market.
NAR was joined in the letter by the Mortgage Bankers Association, National Association of Homebuilders, and Manufactured Housing Institute.