Premium hike dents FHA applications

HUD plans to shift increase to annual premiums

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Applications for FHA-guaranteed loans fell nearly 20 percent last week after the government hiked upfront premiums for the mortgage insurance program, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.

Applications for conventional mortgages were also down, with demand for refinancings falling for the fifth week in a row as mortgage rates reversed recent increases but remained elevated above their previous lows.