Mortgage rates have plummeted after a federal agency announced it would postpone a fee on refinance loans that was sprung on lenders a couple of weeks ago.
The coronavirus “adverse market” fee will now take effect Dec. 1, instead of Sept. 1 — and the relief for borrowers has been immediate. Average 30-year rates have sunk to their lowest level since before the new surcharge first became news.
But one industry expert warns that homeowners who want to grab a low refinance rate likely have just a few weeks until the fee starts having an effect again.
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