Mortgage rates showed little to no movement on Monday, with 30- and 15-year fixed rates holding steady, and 5/1 ARM rates up a hair, according to a NerdWallet survey of mortgage rates published by national lenders this morning.

(Change from 1/6)
30-year fixed: 4.31% APR (NC)
15-year fixed: 3.73% APR (NC)
5/1 ARM: 3.84% APR (+0.01)

Mortgages insured by the Federal Housing Administration just got a little cheaper. The U.S. Department of Housing and Urban Development announced Monday that the FHA will reduce the annual mortgage insurance premiums on most FHA loans by a quarter of a percent. The reduction will save FHA-insured homeowners who close or have funds disbursed on or after Jan. 27 an estimated $500 this year. About 1 million households are expected to buy or refinance with FHA loans this year, according to the news release.

“We’ve carefully weighed the risks associated with lower premiums with our historic mission to provide safe and sustainable mortgage financing to responsible homebuyers,” Ed Golding, principal deputy assistant secretary for HUD’s Office of Housing, said in the release. “Homeownership is the way most middle-class Americans build wealth and achieve financial security for themselves and their families. This conservative reduction in our premium rates is an appropriate measure to support them on their path to the American dream.”

The change reflects improving financial conditions for the FHA and also the new environment we’re seeing with rising mortgage rates. The new annual premium is now close to its pre-housing-crisis level, according to the report.

“After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” said HUD Secretary Julián Castro. “This is a fiscally responsible measure to price our mortgage insurance in a way that protects our insurance fund while preserving the dream of homeownership for credit-qualified borrowers.”

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points for each loan term offered by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.

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Michael Burge is a staff writer at NerdWallet, a personal finance website. Email: mburge@nerdwallet.com.

The article Mortgage Rates Today, Jan. 9: Little Change; FHA Reduces Insurance Premiums originally appeared on NerdWallet.