I wanted to follow up on the FHA news about lowering their monthly mortgage insurance…
The recent history of FHA MI rates on 30 yr mortgages are as follows…
In April of 2011 FHA’s MI rate went from .55% to 1.15%.
In April of 2012 the MI rate went from 1.15% to 1.25%.
In April of 2013 the MI rate went from 1.25% to 1.35%.
Now it’s dropping back down to .85% on a 30 year mortgage.
So, if you got your FHA mortgage on or after April of 2011 you should consider refinancing.
If you would like me to run some numbers for you I’ll be happy to do that.
That’s it for today!
Thanks for reading.
Brett
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