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This week, the FHFA announced an upcoming program for low-income homeowners with government-backed mortgages to refinance at a lower rate in order to reduce the amount they have to pay back each month.

FHFA said the program is aimed at single-family homeowners with a mortgage backed by Fannie Mae or Freddie Mac. It said that borrowers who refinance using the program could save as much as $100 to $250 per month on their loan repayments.