Fannie Mae and Freddie Mac announced they will add a 50 basis points fee to all refinances starting Sept. 1.
“As a result of risk management and loss forecasting precipitated by COVID-19 related economic and market uncertainty, we are introducing a new Market Condition Credit Fee in Price,” Freddie Mac said in a bulletin.
The housing industry was quick to react. The Mortgage Bankers Association said this GSE refinance fee will hurt Americans during a time of crisis.
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