First I must say that this is a conversation best had with your loan officer. But since you asked here, I'll take a stab at it.
If you considering LPMI, you will pay an increased rate, or better stated, you will pay increased points to get a rate, so it may show up as points or it may not show up at all if you just go with a higher rate to absorb it. This all depends on what your, loan amount, credit score, LTV, property type, and occupancy is. That's a lot of unknowns to give an informed answer.
I'm curious what your loan amount and credit score is where you would need to pay 1 point to get 4.375%.