Recently, the Federal Housing Financing Agency announced that mortgage buyers Fannie Mae and Freddie Mac will begin charging a new 0.5% fee on mortgage refinances. Their decision is expected to cost the average consumer an extra $1,400 when refinancing their mortgage.

While this fee thankfully does not apply to homebuyers, it is still an unnecessary burden on homeowners and the real estate industry at a critical time. Many households are struggling with the economic fallout of the ongoing coronavirus pandemic. This new fee undermines one of the few relief options available to homeowners: reducing their mortgage payments by refinancing during this period of historically low interest rates.

Please click below to tell your lawmakers to support the repeal of this harmful fee.