If you have an FHA Streamline where you go from one FHA loan to another for the purpose of lowering your rate and/or changing your term, the MIP rates are a little better. In this case, there’s an upfront rate of 0.01% of your loan amount and an annual MIP rate of 0.55%.
How Long Does MIP Last?
Unfortunately, if you purchased or refinanced with an FHA loan on or after and you had a down payment of less than 10%, MIP lasts for the term of the loan.