FHFA Announces Changes to Fannie Mae and Freddie Mac’s G-Fee Pricing
The Federal Housing Finance Agency (FHFA) today announced targeted changes to Fannie Mae and Freddie Mac’s guarantee fee pricing by eliminating upfront fees for certain borrowers and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans.
Fannie Mae and Freddie Mac guarantee the payment of principal and interest on their mortgage-backed securities and charges a fee for providing that guarantee. The guarantee fee, also known as a g-fee, covers projected credit losses from borrower defaults over the life of the loans, administrative costs, and a return on capital.
FHFA has announced that Fannie Mae and Freddie Mac will eliminate upfront fees for:
- First-time home buyers at or below 100% of area median income (AMI) in most of the United States and below 120% of AMI in high-cost areas;
- HomeReady and Home Possible loans (Fannie Mae and Freddie Mac’s flagship affordable mortgage programs);
- HFA (Housing Finance Agency) Advantage and HFA Preferred loans; and
- Single-family loans supporting the Duty to Serve program.
In addition, the upfront fees for cash-out refinance loans will be revised to reflect a range of pricing changes from a decrease of 1 percentage point to an increase of 1 percentage point.
The fee reductions will go into effect as soon as possible and the implementation of new fees for cash-out refinance loans will begin Feb. 1, 2023.
Latest from NAHBNow
Advocacy
Nov 11, 2026
Widespread U.S. Housing Ballot Wins; Two Key NAHB-Backed Defeats
Although housing ballot measures fared well nationwide in the midterm elections, two NAHB-backed initiatives were defeated: one to streamline environmental reviews in California and another to address minimum lot sizes for single-family homes in Massachusetts.
Economics | Member Benefits | Housing Affordability
Nov 10, 2026
New Priced-Out Calculator Brings Local Housing Affordability Into Focus
What does a change in mortgage rates or home prices mean for prospective home buyers in your market? NAHB’s new Priced-Out Housing Calculator helps answer that question.
Latest Economic News
Economics
Nov 10, 2026
Consumer Credit Growth Picks Up in the Third Quarter of 2026
Consumer credit growth accelerated in the third quarter of 2026, with both revolving and nonrevolving credit increasing at their fastest quarterly rates since 2022. Total outstanding consumer credit reached $5.22 trillion, continuing an upward trend that has strengthened over the past year.
Economics
Nov 10, 2026
Inflation Persists in October
Inflation remained elevated in October even as energy prices eased, raising expectations of another Fed rate hike. Shelter returned as the largest driver of headline inflation, accounting for over 30% of the monthly increase. Core inflation, which excludes volatile food and energy components, rose by 0.3% for the third consecutive month, suggesting broad-based price pressures across the economy.
Economics
Nov 09, 2026
Residential Building Worker Wage Growth Rebounds, but Real Wages Continue to Decline
Wage growth for residential building workers showed signs of a modest rebound in September 2026 following a sharp slowdown earlier in the year. According to the latest data from the U.S. Bureau of Labor Statistics, nominal wage growth picked up from its June pace, although it remained relatively modest.