Fannie Mae + Freddie Mac adding a “Adverse Market Fee” for all refinances starting Sept 1

by outwiththenoise

 

www.marketwatch.com/story/refinancing-your-mortgage-will-cost-more-thanks-to-a-new-fee-from-fannie-mae-and-freddie-mac-2020-08-13

Quick snippet from the first paragraph in the article:

Fannie Mae and Freddie Mac announced Wednesday evening that they will now be charging a 0.5% adverse market fee on all refinances, including both cash-out and non-cash-out refis. The new fee goes into effect Sept. 1.

If you have a refinance in progress, you’ll want to see about getting the closing/settlement accelerated before Sept. 1 ASAP. For all others, it’s likely too late.

Edit: Just to clarify – I believe if you have your rate locked, then you may (?) be okay and the lender would have to absorb this fee. Best to call the lender tho (even if you have your rate locked) to be sure.