In the first Mortgagee Letter of the year FHA makes a HUGE change by reducing its annual mortgage insurance by 50 basis points across the board. The new rate will be 85 basis points (for loans with less than 5% down payment).
Example – $200,000 mortgage with 3.5% down payment
Previous FHA monthly mortgage insurance at 135 basis points = $225 p/mo
New FHA monthly mortgage insurance at 85 basis points = $142 p/mo
See all the details here in Mortgagee Letter 2015-01