New Refinance Fee Delayed Until December 1st

traditional suburban homes

A proposed fee for federally-backed mortgage refinances which was set to go into effect on September 1st has been delayed until December 1st in response to delays in the implementation due to coronavirus.

This fee, which on average will cost refinancers $1,400 will, was created to support Freddie Mac and Fannie Mae deal with expected loss due to COVID-19 this year.

Mortgage Rates Dive

In response to the delay mortgage rates across the board dropped 0.2%, a dramatic daily decline.

Some experts however believe this reprieve is temporary and potential refinancers may want to act immediately to capture this new low as well as escape the upcoming fee.