New Mortgage Refinance Programs from Fannie Mae and Freddie Mac are Expanding to Reach More Homeowners
Industry Update
November 11, 2021
Source: CNBC
The goal of Fannie Mae’s and Freddie Mac’s refi programs is to help low-to-moderate income households take advantage of historically low mortgage rates. Borrowers whose earnings are not above their area’s median income will generally be eligible if they can meet a different requirement. The average rate on a 30-year fixed rate mortgage is 2.78%, according to real estate site Zillow.
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