Signage stands outside the Freddie Mac headquarters in McLean, Virginia, U.S., on Tuesday, Oct. 1, 2019.
Andrew Harrer | Bloomberg | Getty Images
Consumers will have to pay more to refinance their mortgages after Fannie Mae and Freddie Mac announced that they are raising fees for lenders on the loans.
The change is designed to shield the two entities from the additional risk brought on by the coronavirus pandemic. In a letter to lenders, Fannie Mae specifically cited “market and economic uncertainty resulting in higher risk and costs.”
The price adjustment adds 0.5% of the loan amount to the consumer’s cost. That amounts to $1400 on the average mortgage originated today. It will begin in…