New Loan For Higher Risk Borrowers Who Missed Refi Boom; CFPB Delays QM Rule; Did The Fed Change Mortgage Rates?

Earlier this month the Urban Institute pointed out that the unprecedented low interest rates of the pandemic era have not benefitted everyone. Their research showed that tightening credit access has meant that low income homeowners, and those with high loan to value (LTV) ratios or low credit scores have largely been left out of the rush to refinance. The Federal Housing Finance Agency (FHFA) has now announced a new refinancing option to address that situation. FHFA says it has directed the GSEs Fannie Mae and Freddie Mac to implement an initiative to encourage eligible low-income borrowers to refinance and lower both their interest rates and their monthly mortgage payments. It estimates that borrowers who take advantage of this opportunity could save between $100 and $250 a month. To qualify