This week, the Federal Housing Finance Agency (FHFA) announced that they will delay implementation of the adverse-market refinance fee of 0.50% until December 1st. This is welcome news for homeowners looking to refinance. The fee would have added approximately $1,400 to the average borrower’s closing costs or, increased their rate by as much as a quarter percent. This week average mortgage rates fell which will help sustain a strong purchase market that should continue to last well into autumn.
U.S. Weekly Averages as of August 27th 2020
The U.S. average 30 Year Fixed Rate Mortgage decreased 0.08 this week to 2.91% with 0.8 Fees/Points as of August 27, 2020. The 15 Year Fixed Rate moved lower by 0.08 to 2.46% with 0.7 Fees/Points. This information is posted weekly by Freddie Mac and can be found at www.freddiemac.com.
If you are interested in refinancing your mortgage or, if you are purchasing a home, please call or text me at (201)715-2251 or, send an email to Lbodnar@plsmtg.com.
Note: Mortgage rates are based on factors including, but, not limited to, credit score, loan amount, loan to value ratio, loan term and loan purpose. Rates are volatile and, subject to change without notice based on market conditions. The prevailing rate can be locked in at the time of application.
Leigh Bodnar -Mortgage Loan Originator – NMLS #192707
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