Fannie Mae, Freddie Mac drop mortgage modification interest rate to lowest level ever

Fannie Mae, Freddie Mac drop mortgage modification interest rate to lowest level ever

For the first time since Fannie Mae and Freddie Mac first established a benchmark interest rate for the standard mortgage modification programs in Jan. 2012, the rate is about to be lower than 4%.

Beginning Nov. 13, Fannie Mae will lower its standard modification interest rate from 4% to 3.875%. Freddie Mac lowered its standard modification interest rate by the same margin, with its change taking effect Nov. 5. Read More