FHA MIP (Mortgage Insurance Premium) rates continually change.Sometimes they go up and sometimes they go down. It depends on how the fha-insured loan portfolios performed in the past and what they predict it will do in the future. 2015 saw a drop in rates and 2016 may even see a larger drop depending on what happens in the near future.
In the last week of January 2013, the FHA issued a statement announcing an increase in annual mortgage insurance premiums or MIP for its single family home loans. According to the FHA official site, "FHA will increase its annual mortgagefor most new mortgages by 10 basis points or by 0.10 percent."
The Federal Housing Administration (FHA) will raise insurance premiums on home mortgages on April 1st, 2012 in the hopes to boost its Mutual Mortgage Insurance Fund. Any home buyer looking to get a FHA mortgage should contact their Guaranteed Rate loan officer to avoid any price increase on their loans.
Unfortunately for FHA mortgage applicants, the FHA has deemed its mortgage insurance premiums too low to cover projected losses. Beginning April 1, 2012, for the fourth time in 3 years, the FHA will raise its mortgage insurance premiums. The change applies to new loans registered on, or after, April 9, 2012.
You don’t have to come up with as much extra cash up front as you would with SPMI, nor do you increase. with FHA mortgage insurance everyone must pay an up-front premium, and that payment does.
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· For example, an annual renewable term life policy is very affordable but premiums increase annually. Term life policies such as 10-20-30-35 year term policies do not increase until the term is completed. Although, the policy will not cancel in almost every case you will see an increase in premiums about 10 fold.
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Under Public Law 111-229(1)(b), FHA may adjust its mortgage insurance premium rates, as measured in basis points (bps), by Mortgagee Letter. The first table shows the previous and the new annual MIP rates by amortization term, base loan amount and LTV ratio. All MIPs in this table are effective for case numbers assigned on or after April 1, 2013.