According to MSNBC mortgage rates have made a sudden, sharp and enormous drop. These rates fell due to the government stepping in and guaranteeing billions of dollars in outstanding securities that were issued by Fannie Mae and Freddie Mac. The average rate on a 30-year, fixed-rate mortgage has dropped to 5.88 percent, it was 6.26 percent just last week. This is the first time it has dropped below 6 percent since January of 2008. This plunge is hardly a quick-fix for the housing market, but for folks who wish to buy or refinance their homes it is indeed great news!
September 11, 2008
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