From the Sun Herald:
Bruce Hahn, president of the American Homeowners Grassroots Alliance, believes there’s a better chance Congress will make private mortgage-insurance payments tax-deductible. “I think it’s going to help expand homeownership among low- to moderate-income borrowers,” Hahn said.
According to the folks over at Bankrate, your credit score is not the only factor when it comes to determining your private mortgage insurance rates, the following factors also play a major role:
Size of the down payment. Your PMI premium will be higher if you put down 5 percent, versus putting down 15 percent (this is also known as the “loan to value ratio”). Potential for property appreciation. Your premium might be higher if you live in a city with declining property values. PMI companies monitor real estate prices and the economic trends that affect them as they set PMI rates. Type of loan. The rate can vary depending on whether you are getting an adjustable- or fixed-rate mortgage or an interest-only loan. The riskier the loan, the higher the PMI. Interest rate. A higher interest rate can, and usually does, mean a higher PMI rate because borrowers with poorer credit scores are frequently offered higher interest loans that carry higher PMI payments. Borrower occupancy. If you are borrowing to purchase an investment or rental property, your premiums will be higher than if you borrow for a home you plan to occupy.
Source: Yahoo Finance