Lower mortgage insurance premiums have been announced by MGIC Guaranty Insurance Corp. The new rates impact a variety of scenarios.
MGIC released new rates on Tuesday that reflect a 5-basis-point reduction in lender-paid monthly premiums on fixed-rate mortgages.
The Milwaukee-based company noted that the revised monthly rates are for all loan-to-value and coverage segments.
According to MGIC Bulletin Premium Rate News #02 – 2014, the new rates impact M.I. applications received after June 30.
The mortgage insurer gave four examples of the new rates for borrowers with credit scores of at least 760.
For LTV ratios of between 95.01 percent and 97 percent, monthly rates for 35 percent coverage are being cut to 1.05 percent from 1.10 percent.
Coverage of 30 percent on mortgages with LTV rates of at least 90.01 percent and up to 95 percent will now be 0.54 percent.
The monthly rate will drop to 0.39 percent on loans with 25 percent coverage and LTV ratios from 85.01 percent to 90 percent, while the new rate on loans with 12 percent coverage and LTV ratios from 80.01 percent to 85 percent will be 0.23 percent.
“We will post a complete lender-paid monthly premium rate card with the new, reduced rates along with state regulatory approval status at www.mgic.com/rates this week,” the bulletin said.
Rate Finder will be updated with the new rates on July 1.
