Changes to federally-backed mortgages may mean higher fees for some

COLUMBIA, S.C. (CNN)– Freddie Mac and Fannie Mae-backed mortgages are about to get cheaper for some people, but more expensive for others.

Changes the Federal Housing Finance Agency made to mortgage fees take effect this month.

With the changes, borrowers with lower credit scores will see less of a penalty.

If your credit score is higher, you will see more price tiers and—in some cases— increased fees.

Home buyers with lower credit scores will still pay more to obtain a Fannie Mae and Freddie Mac-backed mortgage than those with higher credit scores.