Mortage Rates Low, But Fees Up

New rules instituted by Freddie Mac and Fannie Mae are raising fees for borrowers with less than perfect credit ratings.  Borrowers must have a FICO score of 740 or higher in order to avoid the additional fees known as Loan Level Price Adjustments.

Event borrowers with perfect credit now have to paying additional points in order to get lower mortgage rates.

On the upside, paying additional points now will lower mortgage rates more than it has historically. Each additional point paid should lower rates by over half a percent.

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