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Posted by Luckydog on 11/21/20 10:12am
Fannie Mae and Freddie Mac instituted a new “Adverse Market Refinance Fee.” It adds a 50 basis points fee (0.5%) to most mortgage refinances starting Dec 1, 2020. One industry group says the new fee increases the average cost of a refinanced mortgage by $1,400.
This week was considerably slower than the last few...not sure if it's the wind down now to the holidays and then the looming Adverse Marketing Fee about to take effect. January is always our worst month anyway. Does anyone have a finger on the new application market?
Be prepared I guess for the next few months. I think the roller coaster hit its peak, and we maybe coming back down slowly. I survived 2-3 of these, not fun when they do. jmo