Here's what you need to know this week
| Mortgage News - August 20, 2020 | | | New FHFA fee will raise the cost of refinancing | | In light of market uncertainty due to COVID-19, the Federal Housing Finance Agency (FHFA) introduced a new 0.5% fee on all mortgage refinances, which will cost the average borrower an extra $1,400 over the life of the loan.
Homeowners who locked in a rate before the FHFA's announcement on August 12th, 2020 won't be impacted by the change, but the fee will be applied to most loans with rates locked after that date. | | | | | | |
| | Homebuilder confidence hits 32-year high | | | The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reported this week that homebuilders' confidence in the market is the highest it's been since 1988. Read more | | | | Knowing the difference between APR and interest rate can save you money | | | Ever mix up the meaning of annual percentage rate (APR) and interest rate? You're not alone. While both terms are displayed as percentages, each represents a different aspect of your mortgage payment. Read more | | | | Real Simple awards Better.com for simplest loan experience | | | Real Simple recognized Better.com as the best digital platform for navigating the home loan process with ease. Read more | | | |
| | More on Mortgages | | | | | | For more on homebuying, homeownership, and how mortgages work, visit our resource center any time. | | | | | Questions about your mortgage application? Let's talk.
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