APPENDIX 1.0 – MORTGAGE INSURANCE PREMIUMS. Upfront. Streamline Refinance and Simple Refinance mortgages used to refinance a previous FHA.
On average, FHA loans closed with a mortgage rate of 3.98% in the month of June. This is the first time rates have been below four percent since May of 2015. FHA loans are known for having lower rates than other mortgage types. Already-low rates available across the nation means that current FHA rates are even lower than they have been.
4 real estate trends we’ll see in 2016 – As mortgage interest rates rise, the need for more loan products that don’t require large down payments or years of mortgage insurance premium s is going to rise in 2016 as well, says Anthony Hsieh, National Mortgage Insurance Corporation – National MI – National MI.
On January 9, 2016 the Federal Housing Administration (FHA) announced the reduction of it’s annual Mortgage Insurance Premium (MIP) rates. Effective on or after January 26, 2016 FHA will reduce the premium from 1.35% to .85% a reduction of .5%.
APPENDIX 1.0 – MORTGAGE INSURANCE PREMIUMS Upfront Mortgage Insurance Premium (UFMIP) All mortgages: 175 basis points (bps) (1.75%) of the Base Loan Amount. exceptions: streamline refinance and Simple Refinance mortgages used to refinance a previous FHA-endorsed mortgage on or before May 31, 2009 Hawaiian Home Lands (Section 247)