A method and apparatus for video coding utilizing a motion vector predictor (MVP) for a motion vector (MV) for a block are disclosed. According to an embodiment, a mean candidate is derived from at least two candidates in the current candidate list. The mean candidate includes two MVs for the bi-prediction or one MV for the uni-prediction, and at least one MV of the mean candidate is derived as a mean of the MVs of said at least two candidates in one of list 0 and list 1. The mean candidate is added to the current candidate list to form a modified candidate list, and one selected candidate is determined as a MVP or MVPs from the modified candidate list, for current MV or MVs of the current block. The current block is then encoded or decoded in Inter, Merge, or Skip mode utilizing the MVP or MVPs selected.