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.

President Donald Trump on Wednesday called on Federal Reserve governor Lisa Cook to resign after a member of his administration accused Cook of committing mortgage fraud, the latest example of the Trump administration's efforts to gain control over the central bank.