Mortgage pricing updates have sparked outrage on TikTok. The mortgage pricing update, which applies to loans backed by Fannie Mae and Freddie Mac, has been in place for months. But it has become more of an issue now as the new fees became effective for loans delivered to Fannie and Freddie on the first of May and have caused much confusion and controversy among some home buyers. The updated pricing means some borrowers with lower credit scores and down payments are receiving improved pricing on their mortgage rates, while others with high credit scores and larger down payments are being charged more. The updates “made the rounds on cable television, even landing a spot on Tucker Carlson’s final show on Fox News, where he claimed that they were going to provide incentives for bad behavior.” Although, the most creditworthy borrowers with large down payments will still pay much less. As the news spread on TikTok, commenters wrote things like, “Guess I’ll go drop my credit score by over 100 points before I go buy my 1st home.” (NYT)
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