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Fannie, Freddie To Raise Refinance Fees

Mortgage News > Fannie, Freddie To Raise Refinance Fees
Date: 08/18/2020    Fannie, Freddie To Raise Refinance Fees

As COVID-19 effects add risk to the mortgage market, Fannie Mae and Freddie Mac have announced they will charge a new mortgage refinancing fee of 0.5% on each loan starting September 1. The additional charge comes as refinance requests have skyrocketed in today’s ultra-low interest rate conditions and while coronavirus-related unemployment has exploded. The Mortgage Bankers Association estimates that the new rule will cost the average refinance borrower an additional $1,400 in fees.

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