Fannie Mae, Freddie Mac roll mortgage modification interest rate back to 4%

Massachusetts Attorney General Martha Coakley told Freddie Mac and Fannie Mae (the GSEs) on Thursday that they must conform to a new state mortgage modification requirement. In a letter sent to Acting.

The decline in mortgage rates over the last month is causing a spike in refinancing activity – as homeowners currently have $2 trillion in conventional mortgage loans that are in the money – which will help support consumer balance sheets and increase household cash flow.

For the second time in 2017, Fannie Mae is lowering the benchmark interest rate for standard mortgage modifications. typically, Fannie Mae and Freddie Mac increase or decrease the benchmark. A direct benefit to consumers is that mortgage interest rates are lower than they would otherwise be.

Adjustable-rate mortgages (ARMs) entered the single-family mortgage market nationwide in the early 1980s. The critical feature of every ARM is an interest rate that changes periodically, at intervals set by the ARM, over the lifetime of the loan. Fannie Mae and Freddie Mac (the Enterprises) purchased ARMs during the 1980s and 1990s.

You may have heard the names Fannie Mae and Freddie Mac in the news and wondered what they are. They are government-sponsored enterprises that play a significant role in the mortgage industry. Both Fannie and Freddie buy mortgages from lenders, pool them together and sell them as mortgage-backed securities to investors.

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First, to understand what Fannie and Freddie do now, you need to understand the mortgage process, perhaps 50 years ago. At that time, banks lent money against the pool of money that they held in their deposit reserves. They took in deposits and paid interest against those deposits at one rate,

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Fannie Mae and Freddie Mac started the low down payment trend back in 2014, when both of the government-sponsored enterprises rolled out 3% down mortgages. Some of the nation’s biggest mortgage lenders signed up to take part in those programs, including Bank of America, Wells Fargo and JPMorgan Chase.

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