A bill to provide that the interest rate on federally insured mortgages under section 203(b) of the National Housing Act shall be the rate charges for uninsured mortgages.

[AI summary unavailable — showing source text] Amends the National Housing Act to direct that, to be eligible for insurance under such Act, a mortgage shall bear interest at the rate charged by the mortgagee for a non- insured mortgage. Eliminates the requirement that the Secretary of Housing and Urban Development consult with the Administrator of Veterans' Affairs regarding the maximum interest rate which he or she deems necessary to meet the mortgage market for guaranteed or insured home loans to veterans.…