The interest rates for Fannie Mae and Freddie Mac’s standard mortgage modifications have fallen consistently over the last eight months, and last week the government-sponsored enterprise lowered the benchmark rate again, reports HousingWire staffer Ben Lane.

On Aug. 12, Fannie Mae and Freddie Mac lowered the standard modification interest rate from 3.625% to 3.5% -- another all-time low.

The new standard rate of 3.5% is also now more than one full percentage point lower than the standard modification rate was when Fannie and Freddie first established the benchmark rate in January 2012.

When the program began in 2012, the benchmark interest rate was 4.625%.