Gov. Wes Moore joins Vice President Harris for homeownership cost announcement

BALTIMORE -- Maryland Gov. Wes Moore joined Vice President Kamala Harris on Wednesday afternoon at Bowie State University to announce an effort by the Biden-Harris administration to reduce homeownership costs. 

According to a White House news release, the Federal Housing Administration's annual mortgage insurance premium will be reduced from 0.85% to 0.55% for most new borrowers.

"A home represents financial security, the opportunity to build wealth and equity that can help put your child through college, afford retirement, create inter-generational wealth within your family," Harris said.

FHA-insured mortgages accounted for 7.5% of home sales in the third quarter of 2022, the White House said. 

The average homebuyer in Prince George's County, where the university is located, will save nearly $900 per year with the reduction, based on the average home price in the county of around $300,000, according to the news release. 

Governor Moore and V.P. Harris were joined by U.S. Department of Housing and Urban Development Secretary Marcia Fudge.