Many lenders have already factored the .50% fee in to their pricing.
One major lender it starting today.
There are still several that have not added it yet, but will next week.
The .50% fee is not added to the interest rate, it is a pricing hit of .50, so on a $400,000 loan it is an additional $2000.
There will still be options for no cost loans, as it is built into the rate/pricing..
The Dec 1st date is a delivery date to FNMA, not a loan application or funding date.
It’s still possible to get no cost loans and save tens of thousands of dollars of interest over the life of a loan.
Refinancing is not a one time event. Regardless of what the Fed says, there still has to be a market for mortgage backed securities.
It’s crazy how many people still have mortgage rates above 3.50% and just don’t understand the benefit of refinancing either at zero cost or a small cost, and will waste literally tens of thousands of dollars over the life of their loan.
The objection that I hear most often is “I don’t want to start over at 30 years”
That’s when I know that they don’t understand their situation. OR those who think you need save at least 1% to make it worthwhile.
When you can save at least .25% at zero cost, it’s worth refinancing.
Sad that so many people don’t have a clue how much they are wasting
It’s no too late to save thousands 😉
