Fannie and Freddie Want More

The cost of your home finance may go up.

An extra half a percent interest will be added to Fannie Mae and Freddie Mac refinance mortgages. Refinancing rates from Freddie Mac and Fannie Mae are going up a half of one per cent. It should cost a borrower around an extra 15 hundred dollars on a 300 thousand dollar house. Real Estate expert Michael Weaster of Graham and Company thinks it's a non-issue. "I don't think that this is going to affect the finance or refinance market. It's really a non-starter because interest rates are so low."

Mortgage Broker Warning

They say it's because they want to hedge against losses, but Weaster has another idea. "I believe they're trying to dig themselves out of a hole. I think they're trying to prove themselves again. It has been a losing battle for so many years."

Weaster's final thoughts: "Interesting anomaly: We're in the middle of a pandemic where people are worried and nervous about their jobs and about their futures. However --- the housing market in The Greater Houston Area is busier than we have been in a long time!"

Homeowner refinancing his home

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