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Interest Rates down after Refinance Fee Delay

Mortgage News > Interest Rates down after Refinance Fee Delay
Date: 09/01/2020    Interest Rates down after Refinance Fee Delay

Mortgage interest rates tumbled in the latest week after a new FHFA refinance fee was delayed for three months. The average rate on a 30-year fixed-rate mortgage sank to 2.91% with an average 0.8 point, during the week ended Aug. 27, down from 2.99% the week before, according to Freddie Mac. Lenders had been padding their rates in anticipation of a Sept. 1 refinance fee that would affect all Fannie Mae and Freddie Mac acquired loans. In response to the industry pushback, last week the FHFA announced it will hold off on charging the fee until Dec. 1.

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