Fannie Mae and Freddie Mac just announced that they are removing a fee of 1/2 point that they both added last year to the cost of their refinances known as an Adverse Market Fee. The elimination of this fee results in a decrease of the interest rates ON REFINANCES ONLY by .125-.25%. Therefore, though there haven't been any changes in the interest rate market, the interest rates have now improved!
So, if you haven't done so yet, you should consider refinancing. Don't let your money fly away!
Interest rates on 30 year fixed rate loans are again in the upper 2s. And, on 15 year fixed rate loans they are in the low to mid 2s! NOTE, your actual rate will be determined by the loan amount, property value and credit score.
So, please reach out any time for a quote. I will be happy to look into this for you and let you know how much you can save!
Enjoy the weekend. Hopefully this one won't either be either raining or brutally hot as most of the summer has been so far!
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