DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 04, 2012
The Federal Housing Finance Agency (FHFA) announced that mortgage giants Fannie Mae and Freddie Mac will increase — by an average of 10 basis points — the fees they charge lenders to guarantee loans.
The fee increases are expected to be passed along to borrowers, possibly with higher interest rates, Bloomberg reports. However, banking trade groups say any increases should be minimal and shouldn’t hurt mortgage lending.
For example, a rise of 10 basis points could potentially cost a borrower with a $200,000 mortgage about $4,000 over the term of a 30-year loan, Bloomberg reports. Read more
The fee increases are expected to be passed along to borrowers, possibly with higher interest rates, Bloomberg reports. However, banking trade groups say any increases should be minimal and shouldn’t hurt mortgage lending.
For example, a rise of 10 basis points could potentially cost a borrower with a $200,000 mortgage about $4,000 over the term of a 30-year loan, Bloomberg reports. Read more
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