figure of a house and a percentage sign sitting on the grass Source: Monster Ztudio/Shutterstock

If you have members who plan on refinancing their mortgages this year, make sure they’ve already locked in their rate.

Starting Sept. 1, refinancing fees on mortgages securitized by Fannie Mae and Freddie Mac will increase 0.5% as the mortgage giants impose an “adverse market refinance fee” on lenders due to market and economic uncertainty related to the COVID-19 pandemic that is increasing risks and costs. Lenders will then likely pass the fee onto borrowers through higher interest rates.

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