The fee increase will likely be passed on to borrowers and further press low down payment and credit challenged borrowers.

Fannie Mae announced it will double the fee it charges lenders effective October 1^st. The “adverse market delivery charge” fee will double to 0.50 percent from 0.25 percent, adding a $1,000 to a $200,000 loan. The increase in costs to lenders will most certainly be passed on to borrowers in the form of additional fees or an interest rate increase.

“Fannie Mae is announcing these changes to better align pricing with credit risks, mitigate losses, and support Fannie Mae’s ability to provide a stable source of liquidity to lender partners,” said a company spokeswoman.

Government-chartered Fannie Mae and Freddie Mac have been tightening standards and raising fees since last year and now finance about 70 percent of new US home loans.

The Federal Reserve has lowered interest rates repeatedly this year to help boost the economy which has helped consumers and business borrow money at lower interest rates. This is good for business, but may not be as good for the consumer who is interested in saving money through their savings accounts or CD’s (certificates of deposit).

Despite that, banks are very interested in offering consumers great interest rates for their savings accounts still and they are becoming a great safe haven for consumers who need to earn money from their savings without worrying about losing their money.

The stock market and real estate market have seen strong drops, but consumers who put their money in savings accounts and CD accounts are guaranteed a good interest rate and 100% protection of their money backed by the FDIC.

If you are a gambler and can afford to lose all the money that you invest, there are many options for you to try and earn higher return rates, but if your goals are to grow your nest egg, and protect your money, while earning a guaranteed solid interest rate, explore the many savings account and CD account options available to you. CD’s (certificates of deposit).