The average rate for a 30-year fixed-rate mortgage fell to 4.20% from 4.32% from last week, according to Freddie Mac. This is the first drop in the 30-year fixed rate since the presidential election.

In a move that will make home loans more affordable, the Federal Housing Administration (FHA) announced today that it will reduce the annual premiums most of its borrowers pay on mortgage insurance premiums by 0.25 percentage points from 0.85% to 0.60%.

Fueled by a growing economy, solid employment gains and rising household formations, single-family production will continue on a gradual, upward trajectory in 2017, according to economists speaking at the International Builders’ Show in Orlando, Fla. today.