Current Mortgage Rates
Tuesday, December 02, 2008
The cost of PMI can be anywhere from - of 1% to almost 6% of the principal amount of the loan depending upon the down payment, the type of loan (fixed or adjustable interest rate), and term of the loan, as well as borrower's credit score(s). PMI rates are calculated using two main factors, the loan type and the amount of the down payment. The loan type relates to how much PMI you need to pay in a given term. In other words the PMI rates will be quite different for a 10 year loan and a 30 year loan. Your down payment gives the lender a specific figure in relation to the loan to value ratio of your home. They will subtract the mortgage from the fair market value of the home and that helps them determine the rate they should charge.
Mortgage insurance costs vary with the percentage of down payment, the loan amount, and the type of loan selected. Lower down payments and higher loan amounts increase the cost of premiums. In addition, adjustable rate loan products will result in higher premiums than fixed rate mortgage loans. While the factors cited above affect mortgage insurance costs for a borrower, there is little variation in costs from insurance company to insurance company. Pricing among competitors is nearly identical.
Mortgage insurance costs vary with the percentage of down payment, the loan amount, and the type of loan selected. Lower down payments and higher loan amounts increase the cost of premiums. In addition, adjustable rate loan products will result in higher premiums than fixed rate mortgage loans. While the factors cited above affect mortgage insurance costs for a borrower, there is little variation in costs from insurance company to insurance company. Pricing among competitors is nearly identical.
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Alternative to paying for PMI?
Questions About Homeowners Insurance
Interest Only Mortgages
Where to find lower PMI?
Alternative to paying for PMI?
Questions About Homeowners Insurance
Interest Only Mortgages
What is PMI?
Why do we need PMI?
Advantages and Disadvantages of PMI?
PMI Online Calculator
How to avoid paying for PMI?
Why do we need PMI?
Advantages and Disadvantages of PMI?
PMI Online Calculator
How to avoid paying for PMI?
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Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 5.88% |
| 30-yr. fixed jumbo | 7.62% |
| 15-yr. fixed | 5.50% |
| 15-yr. fixed jumbo | 7.50% |
| 7/1 ARM | 6.25% |
| 5/1 ARM | 5.88% |
| 3/1 ARM | 5.88% |
| 1-yr. ARM | 6.75% |
| 1-yr. LIBOR ARM | 6.12% |
| 10/1 ARM | 7.88% |
| 40-yr. fixed | 7.00% |
*Mortgage Rates Updated: 12/01/2008