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Mortgage Insurance Rates

Daniel Cohen
UpdatedDec 5, 2023

What impacts my PMI?

Can you give me examples of what impacts my PMI or mortgage insurance rates? And, does my credit score impact my PMI rate?

I will give you a couple of examples relating to PMI rates at various FICO scores. Keep in mind that there are many variables that can affect your PMI rates in addition to FICO scores:

1.Down payment (a lower down payment will increase the PMI rate you are required to pay).

2.Type of loan (an ARM will typically have a higher PMI rate than a fixed mortgage, a second home will have a higher rate than a primary residence, etc.).

3.The amount of insurance coverage (expressed as a percentage of the loan balance).

To keep things consistent, I’ll give you an example of a $210,000 house/primary residence. The buyer has put 5% down, leaving ~$200,000 in an adjustable rate mortgage. The PMI coverage is 25%.

The approximate rates at the following FICO scores would be:

620+, 0.77% ($128 per month)

600-619, 1.47% ($245 per month)

575-599, 2% ($333 per month)

A pretty big difference!

To get a free mortgage quote and see if you can save, click here: Free Mortgage Quote

I hope this information helps you Find. Learn & Save.



The Latest on Mortgage Rates

No surprise that mortgage rates fluctuate. If you are thinking about purchasing a home or maybe considering refinancing your current mortgage, then you want to be up to date on mortgage rates.

Mortgage rates November 8, 2023
According to Freddie Mac, the 30-year mortgage rate for the week of November 8, 2023 stands at 7.50%. This 26 basis points decrease from the previous week's rate.
Additionally, Freddie Mac reports that the 15-year mortgage rate for November 8, 2023 is 6.81%, indicating a 22 basis points decrease from previous week’s rates.
Note: A basis point is equal to one-hundredth of one percent (0.01%). In numerical terms, if the mortgage rate changes by 20 basis points, it means the rate has changed by 0.20%.

Understanding the impact of mortgage rates on your finances
When it comes to determining your monthly payment, mortgage rates are a key factor to consider. Here are the avergage interest rates (APR) for November 14, 2023 based on Zillow data for borrowers with a high credit score (680-740) in the United States:

  • 30-year conventional loan is 7.61%
  • 15-year conventional loan is 6.74%
    Based on the provided rates, a $279,082 30-year mortgage would result in a monthly payment of $1,972. Alternatively, a 15-year mortgage would require a monthly payment of around $2,468.

Simplify your mortgage journey: Shop around and get pre-approved today!
To make the home-buying or refinancing process a breeze, we highly recommend shopping around for mortgages and getting pre-approved. So, why not Check Out mortgage rates now for the best options available.



BBill, Oct, 2009
Call a few insurance agents in Port Bolivor and ask. The rates will vary with the size of the lot and its location. "Expensive" is a relative term and depends on a risk analysis.
mmike moehling, Oct, 2009
is insurance on an empty lot hard to get or expencive in port bolivor thanks mike
BBill, Feb, 2009
You will need to discuss this with your current mortgage lender and other creditors.
eeviehayes, Feb, 2009
I have high credit balances due to Hurricane Ike and unexpected expenses. Is there a way I can be considered for a lower rate due to this natural disaster and the need to utilize my credit cards until Settlement from insurance is awarded? I have R-1's and I-1, etc and paid as agreed credit reports. I want to purchase another house once this is settled and I pay off my present mortgage. My income is approx $38,000 with dividends also from stocks and stock holdings fluctuating.