Many of us have been hoping for a reduction in the FHA lenders default risk insurance, known by the acronym “MIP” mortgage insurance protection. We may be stuck at the .85% level on a 30 year loan with minimum down payment of 3.50% for some time to come. Sharing a history of the premiums over the last 15 years. So today’s .85% on a 30 year and .70% on a 15 year look good by comparison. Prior to July 2008 a 30 year was 0.55%, then by October of 2010, we saw a jump to 0.90%. Then the dreaded April, 2011, when the rate went 1.15%, April 2013, jumped again to 1.35%. Finally a breather with a reduction in January, 2015 to 0.85%. We can only hope as HUD re-evaluates costs the MIP will be reduced as we had been initially told in early January of this year, 2017. So maybe late Spring or Summer we will have a thaw. Until then keep working towards your dream of home ownership, a great slice of our American dream!