Are you thinking about refinancing your mortgage? Now might be the perfect time!
Rates are at a 5 month low and the government just eliminated an additional 0.5% fee on all refinances.
Why did the Government Remove this 0.5% fee?
The Federal Housing Finance Agency (FHFA instituted this fee at the beginning of the pandemic to finance the Forbearance program that allowed borrowers to skip their monthly payments until the borrowers could get back on their feet. At one point roughly 5% of all borrowers were in forbearance programs. Now with only 2.1% of borrowers participating in the forbearance program, FHFA was able to eliminate this charge.