When they drop it to 2% it would be worth talking about. First, they defraud homeowners with unsustainable mortgages that it appears they KNEW had inflated appraisals, then they dangle an illusive HAMP program, then instead of allowing refinancing they literally threw people and their belongings on the street – sometimes while folks had gone to the store… Now they reduce interest rates to 4% and want publicity? Lame, yeah?
After raising the benchmark interest rate for its standard modification program twice in the last three months,Fannie Mae is set to drop the benchmark rate back down to the lowest level it’s ever been.
Beginning Sept. 15, Fannie Mae will lower its required interest rate for standard modifications from 4.25% to 4%.
The standard modification rate has only been that low three other times since the modification interest rate was first established in Jan. 2012.