Mortgage rates plunge after refinance fee is put on hold

Mortgage rates have plummeted after a federal agency announced it would postpone a fee on refinance loans that was sprung on lenders a couple of weeks ago.

The coronavirus “adverse market” fee will now take effect Dec. 1, instead of Sept. 1 — and the relief for borrowers has been immediate. Average 30-year rates have sunk to their lowest level since before the new surcharge first became news.