For the first time since Fannie Mae and Freddie Mac first established a benchmark interest rate for the standard mortgage modification programs in Jan. 2012, the rate is about to be lower than 4%.

Beginning Nov. 13, Fannie Mae will lower its standard modification interest rate from 4% to 3.875%. Freddie Mac lowered its standard modification interest rate by the same margin, with its change taking effect Nov. 5. Read More