WASHINGTON –Today, U.S. Senator Chris Murphy (D-Conn.) and U.S. Senator Richard Blumenthal (D-Conn.) released the following statement after the Federal Housing Administration (FHA) announced that they will reduce annual mortgage insurance premiums by a half point, making it easier for American families to purchase homes.

For years, high mortgage insurance premiums have prevented hundreds of thousands of otherwise qualified families from owning their own home and achieving this piece of the American dream. Last month, we called on Secretary Castro to lower this barrier, and we are grateful that the administration has responded so quickly and affirmatively. As the Connecticut and national economy continues to recover, lowering this key barrier to homeownership will save families thousands of dollars over the lifetime of their loans, and will enable as many as 250,000 Americans to purchase a home who otherwise may not have been able to. This measure, coupled with critical safeguards to ensure those who do purchase a home can afford to remain there, will provide swift and substantial economic relief and merits celebration.