Mortgagae Rates On The Rise Due To Congress?

By
Real Estate Mortgage Broker with Van Dyk Mortgage Corporation

 

Conventional and FHA prices will change based on recent Congressional action.

 

Specifically:

 

  • Freddie Mac and Fannie Mae are increasing their Guarantee Fee (GFee) effective with April “settlements,” which will worsen pricing.
  • In order for a loan to meet the April settlements, it must close by Feb. 29, 2012.
  • The GFee increase will worsen prices by up to 80 basis points depending on note rate.

No need to panic, just be aware that if you are in a current refinance or refinance transaction, that you will be seeing interest rates begin to slightly elevate due to the increase in the guarantee fee on the Government Sponsored Enterprises "GSE".

Don't hesitate to call me with any questions you have.

 

 

 

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