Here is the historical rate of monthly and upfront mortgage insurance since 2008:
| Date of Change | Monthly MI | Upfront MIP |
| Before January 2008 | .50% | 1.50% |
| October 2008 | .55% | 1.75% |
| April 2010 | .55% | 2.25% |
| October 2010 | .90% | 1.00% |
| April 2011 | 1.15% | 1.00% |
| April 2012 | 1.25% | 1.75% |
| April 2013 | 1.35% | 1.75% |
| January 2015 | .85% | 1.75% |
| January 2017 | .60% | 1.75% |
I thought I’d share some good news to kick the week (and year for that matter) off on a good note! Please let me know if you need some help locking your first FHA loan of the year with us. I’d be happy to do so.
An FHA streamline refinance is one of the best programs available to homeowners today.
If you currently have an FHA loan, you have the ability to do a reduced cost, reduced paperwork refinance by meeting the minimum benefit of reducing your effective interest rate by .50%.
Since January 2015, this meant that you had to reduce your actual interest rate by .50%. Now that FHA mortgage insurance premiums have been reduced by .25%, you can now realize an “effective” rate reduction by through a reduction in mortgage insurance AND interest rate.
