Housing regulator to hike mortgage fees

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Housing regulator to hike mortgage fees
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - The Federal Housing Administration on Monday said it will hike fees on mortgages it insures as a means of limiting losses to its diminishing reserves, a cost that will be past on to borrowers raising the cost of homebuying, according to reports. The insurance fee FHA charges will rise by 75 basis points or 0.75 percentage points on most 30-year-mortgages, according to reports. Jaret Seiberg, analyst at Guggenheim Securities, said it will make it "that much more expensive" for first time homebuyers to enter the market. The new fee hikes are effective April 1.