By Ben Lane | HousingWire
For the second time in two months, Fannie Mae and Freddie Mac announced that they are increasing the benchmark interest rate for standard mortgage modifications.
While last month’s increase saw Fannie and Freddie increase the standard mortgage modification benchmark interest rate to a level not seen in months, the government-sponsored enterprises said Wednesday that they are increasing the standard mortgage modification interest rate to the highest level in 18 months.
The two straight months of hikes to the standard mortgage modification benchmark interest rate follows a run of Fannie and Freddie dropping the benchmark rate throughout 2016, progressively decreasing it below 4%.
