Fannie Mae Lowers Modification Interest Rate

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Effective November 16, 2020, the Fannie Mae Modification Interest Rate will be lowered from 3.000 percent to 2.875 percent.  The Fannie Mae Modification Interest Rate is used by servicers when evaluating a borrower for a conventional mortgage loan modification and is subject to adjustment based on prevailing market rates.  The updated Fannie Mae Modification Interest Rate and a table listing historical rate adjustments are available here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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