Mortgage Insurance Premiums About to Rise
The Federal Housing Administration, FHA, has kept mortgage rates and Mortgage Insurance Premiums, MIP, lower than the market dictated for some time to encourage home buyers to shore up the economy.
MIP premiums are about to increase; the date is April 5th. On case numbers dated after April 4th, MIP premiums go from 1.75% of the total loan value to 2.25%. It’s not as dreadful as it sounds. On a $200,000 mortgage, the increase, based on today’s interest rates, is approximately $6 per month–stay out of…to read the rest of my article, see OnlyKaty.com.
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