What is the average PMI rate?

The average Private Mortgage Insurance (PMI) rate typically ranges from 0.3% to 1.5% of the original loan amount per year, depending on factors like the borrower's credit score, down payment, and loan type. For example, a borrower with a 5% down payment might pay around 1% in PMI annually. This translates to an additional cost of $30 to $50 per month for every $100,000 borrowed. It's essential to shop around, as PMI rates can vary among lenders.