Although home prices are low and mortgage rates are low, the price of actually getting a mortgage is rising!

Mortgage giant, Freddie Mac and sister company, Fannie Mae are raising the risk fees that they charge lenders on loans that they buy for resale to investors, for the first time in two years. They will also be adding risk fees to loans that are given to those with stellar credit! These increases will affect most loans that have a longer than 15-year term. The changes will take affect with Freddie Mac on March 1st and Fannie Mae on April 1st.

In increase will have little to no effect on affordability, according to Freddie Mac a 0.25% fee would add less than $10 to the monthly payment on a 5%, 30-year fixed-rate loan for $200,000.