Fannie Mae Lowers Modification Interest Rate

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.