Record low mortgage rates have many homeowners looking to refinance . Fannie and Freddie argue the fee will not cause the cost of homeowners' mortgage payments to go up because a refinance usually lowers their payments. They noted that given how record low mortgage rates are spurring a surge in refinances, many mortgage lenders are seeing record high profit margins. "But one is that with record low mortgage rates homeowners can refinance their mortgages and generate meaningful monthly savings. Lenders say it will raise interest rates on homeowners and dampen the surge in refinancing.

Source: CNN August 25, 2020 14:03 UTC