Refinance Fee Hike Increases Rates
Mortgage interest rates continue to be near the all-time low levels we have continued to experience since June of this year. Mortgage rates are still at historically low levels despite the Federal Housing Finance Administration (FHFA) refinance fee hike that we wrote about in August, “Profiting from the Coronavirus Crisis?” By now this FHFA .5% fee increase has been implemented by most lenders.
This hike to the fee, not to the rate, of mortgage refinances means interest rates for mortgage refinance transactions sold to Fannie Mae and Freddie Mac (which is the majority of refinance loans funded) are seeing a .125% – .25% rate increase across the board.
Purchase Rates Lowest I’ve Ever Seen
Interest rates for home purchases on loan amounts that conform to