A new refinancing fee previously set to go into effect in September will be delayed, a window of opportunity for many homeowners who want to take advantage of mortgage rates near historic lows.
The new 0.5% mortgage refinance fee won’t be implemented until December 1, according to Fannie Mae and Freddie Mac, which back millions of mortgages. Those with refinance loans below $125,000 are exempt from the fee altogether.
The moves comes after the government-sponsored enterprises faced backlash from consumer groups and lenders, alike, for the new fee that would cover nearly $6 billion losses at the agencies.
Dhara Singh | Yahoo Money