08/15/2020
Homeowners looking to refinance their mortgage are going to be in for a pricier ride.
And mortgage and housing professionals, who’ve benefited from record low rates to do brisk business, are miffed. Freddie Mac and Fannie Mae said Wednesday that they will charge an additional 0.50 percent, or 50 basis points, fee to lenders on refinance loans.
That means the average consumer looking to refinance a home will soon be paying $1,400 more than they would previously, according to the Mortgage Bankers Association. Fannie and Freddie cited Covid-related losses from the coronavirus and economic uncertainty to justify the fee hike, which kicks in in September.
The government-sponsored entities, which are under the oversight of the Federal Finance Housing Agency (FHFA), do not originate mortgages, […]
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(iStock) Homeowners looking to refinance their mortgage are going to be in for a pricier ride. And mortgage and housing professionals, who’ve benefited from record low rates to do brisk business, are miffed. Freddie Mac and Fannie Mae said Wednesday that they will charge an additional 0.50 percent...