MGIC Investment Corp. is cutting mortgage insurance premiums to better compete with the Federal Housing Administration.

In a filing with the Securities and Exchange Commission on Tuesday, the Milwaukee insurer said that beginning May 1 it will offer lower rates for borrowers with credit scores of 720 or greater, and higher rates for borrowers with credit scores between 620 and 679. There will be no change in rates for borrowers with scores between 680 and 719, MGIC said.

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