Mortgage rates for a second home are also typically 0.25% to 0.50% higher than the rate for a primary residence, said Garth Graham, senior partner at Stratmor Group, a mortgage advisory firm. The rate is usually 0.50% to 0.75% higher for an investment property.

On Wednesday, Trump called on Cook to resign after Federal Housing Finance Authority director William Pulte sent a "criminal referral" to Attorney General Pam Bondi, accusing Cook of mortgage fraud. Neither Bondi nor the Justice Department has announced if they plan to open a criminal investigation into Cook.

Federal Reserve governor Lisa Cook, the first Black woman to serve on the ... On Wednesday, a Trump administration official accused Cook of mortgage fraud and said he would refer the matter to the Department of Justice for criminal investigation.

A Justice Department official is set to probe Federal Reserve Governor Lisa Cook after she was accused by a member of President Donald Trump’s administration of committing mortgage fraud, according to a letter sent Thursday to Fed Chair Jerome Powell.