Both. There are two changes to the PMI. The PMI premium is going up from 1.25% (that is the current cost of the PMI and has nothing to do with rate) to 1.35% of the amount borrowed as of April 2013.
AND
The second change is extending the PMI term to lifetimebeginning June. Now you can drop it once the principal is 78% of the original amount borrowed, but you will no longer be able to drop it for mortgages originated on or after June 3, 2013.
Starting Score: 553(EQ) 572 (TU) 586(EX) (EQ Complete Advantage)
