PMI Rates by Credit Score

Updated upon publication of this page. Rates reflect current private mortgage insurer rate cards.

Your FICO credit score is the single biggest factor in what you pay for PMI. The difference between a 760 and a 620 score can be a 5x to 6x change in monthly PMI, worth tens of thousands of dollars over the life of the loan.

Current insurer rate cards 620 to 760+ tiers Dollar-impact examples

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Why credit score matters so much

Private mortgage insurers (MGIC, Radian, Essent, Enact, Arch, and NMI) use what they call "rate cards" that price each borrower by a two-dimensional grid: loan-to-value ratio and credit score. A 740 FICO at 95% LTV pays a very different premium from a 620 FICO at the same LTV. The grid is designed around historical default rates, which rise sharply as credit scores fall.

Unlike FHA MIP (which does not vary by credit score) and VA funding fees (which are flat), conventional PMI rewards good credit heavily. This is both an opportunity and a trap. The opportunity: raising your score from 680 to 740 before you apply can cut your PMI roughly in half. The trap: if your credit took a hit recently, waiting a few months to repair it may save thousands.

Current PMI rate table (annual rate, borrower-paid)

Rates below are approximate ranges from current public rate cards for borrower-paid monthly PMI on a 30-year conventional loan, single-family primary residence. Actual rates vary by insurer and change frequently.

FICO	LTV 95.01-97%	LTV 90.01-95%	LTV 85.01-90%	LTV 80.01-85%
760+	0.41%	0.30%	0.23%	0.19%
740-759	0.57%	0.41%	0.28%	0.22%
720-739	0.75%	0.53%	0.35%	0.26%
700-719	0.90%	0.69%	0.48%	0.33%
680-699	1.10%	0.86%	0.63%	0.42%
660-679	1.37%	1.07%	0.75%	0.50%
640-659	1.70%	1.34%	0.95%	0.65%
620-639	2.29%	1.82%	1.29%	0.90%

Rates shown are illustrative mid-points across current rate cards from the six major U.S. private mortgage insurers. Individual insurers price slightly differently, and all insurers adjust rates periodically. Your actual rate at loan application may be higher or lower.

What the numbers mean in dollars

To make the difference concrete, here is monthly PMI on a $350,000 loan at various credit scores, 95% LTV.

FICO	Annual rate	Monthly PMI	Annual PMI	5-year PMI
760+	0.30%	$88	$1,050	$5,250
720-739	0.53%	$155	$1,855	$9,275
680-699	0.86%	$251	$3,010	$15,050
640-659	1.34%	$391	$4,690	$23,450
620-639	1.82%	$531	$6,370	$31,850

A borrower with 620-639 credit pays about $443 more per month than a 760+ borrower on the same loan, which comes to over $26,000 extra in five years before PMI drops off.

Other factors that affect your PMI rate

Loan-to-value ratio (LTV)

Higher LTV means more risk to the insurer and a higher premium. The four main LTV buckets are 95.01-97%, 90.01-95%, 85.01-90%, and 80.01-85%. Each bucket breakpoint produces a visible rate drop. Putting enough down to cross into a lower bucket (say, going from 95.01% to exactly 95%) can meaningfully lower your rate.

Loan term

Loans of 20 years or shorter typically get a 10 to 25 percent discount on PMI compared to 30-year loans because the borrower pays down principal faster and PMI exposure is shorter.

Property type

Condominiums carry a surcharge, typically 10 to 30 basis points added to the base rate. Manufactured homes carry an even higher surcharge. Single-family detached homes get the base rate.

Occupancy

Investment properties pay substantially higher PMI, often 50 to 100 basis points over owner-occupied rates. Second homes carry a smaller surcharge, usually 10 to 25 basis points.

Debt-to-income (DTI) ratio

Insurers sometimes add a surcharge for DTI above 45 percent. The exact threshold varies by insurer.

Loan amount

Very large loans (above standard conforming limits) and very small loans may receive different pricing from standard conforming loans.

How to get the best PMI rate

Improve your credit score before applying

Even a 20-point improvement can move you into a cheaper tier. Standard credit-building tactics apply: pay down revolving balances to below 30 percent utilization, dispute errors on your credit reports, do not open new accounts in the 90 days before applying, and keep old accounts open to maintain history length.

Put down 10% instead of 5%

Going from 95% to 90% LTV typically cuts your PMI rate by 30 to 40 percent. If you are close to a bucket breakpoint, finding the extra few thousand dollars pays off.

Shop insurers through your lender

Most lenders work with multiple PMI insurers and quote the cheapest. Ask your loan officer which insurers they quoted and whether you can see a comparison.

Consider single-premium PMI (SPMI)

SPMI is a one-time upfront PMI payment at closing, instead of monthly. For borrowers who plan to stay in the home at least five to seven years and have cash available, SPMI often costs less than the stream of monthly payments. The seller or lender can also pay SPMI as a concession.

Lender-paid PMI (LPMI)

With LPMI, the lender pays PMI in exchange for a higher mortgage rate (typically 0.25 to 0.75 percent higher). This can be a win if you plan to refinance or sell within a few years. Compare carefully using our LPMI vs BPMI guide.

Can you negotiate PMI rates?

Not directly. PMI rates come from the insurer, not the lender, and the insurer prices by its rate card. However, you can indirectly lower what you pay by:

Shopping multiple lenders (they may use different PMI insurers with different rates).
Negotiating closing-cost credits that can be used toward single-premium PMI.
Choosing a different structure (LPMI, piggyback, or paying down to under 80%).

Frequently asked questions

Which credit scoring model do PMI insurers use?

Most PMI insurers use the mid-score from the three major credit bureaus using FICO 2, 4, or 5 models (Experian, TransUnion, Equifax respectively) under current Fannie Mae and Freddie Mac guidelines. These are older FICO models than the FICO 9 you may see from a credit app. Your mortgage FICO is often 10 to 30 points different from your Credit Karma or app-based score.

Does my spouse's score matter?

If both spouses are on the loan, insurers typically use the lower of the two mid-scores. If one spouse has significantly worse credit, keeping that person off the loan can lower your PMI, though it also means only the primary applicant's income counts for qualification.

Can PMI rates increase during my loan?

No. Your PMI premium is locked at origination. The rate on your loan does not change if interest rates rise or your credit score drops. The premium is calculated as a percentage of your declining loan balance, so your dollar payment actually decreases slightly each year as you pay down principal.

How often do insurers change rate cards?

Public rate cards typically update one to three times per year. The last major industry-wide update was in 2023 after the Federal Housing Finance Agency changed loan-level pricing adjustments for Fannie and Freddie loans. Specific insurers can update more often.