Obama plan would save about $900 on first-time mortgages

First-time borroweres could save as much as $900 per year with the reduction in mortgage insurance fees recently announced by President Barack Obama.

By Peter Fabris, Contributor | January 13, 2015

President Barack Obama announced a plan to lower mortgage insurance fees on home loans. The average first-time borrower is expected to save about $900 a year. Reducing annual mortgage insurance premiums by 0.5 percentage points to 0.85% from 1.35% could spur 250,000 consumers to buy homes over the next three years, and would stimulate the home building market, the White House says.

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