Archive for September, 2008
FANNIE MAE and FREDDIE MAC are taken over = LOWER RATE
Monday, September 8th, 2008NEW YORK (CNNMoney.com) — Mortgage applicants rejoice!
Sunday’s federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts said. Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a 30-year fixed rate mortgage.
“This could be good for would-be homeowners,” said Tom LaMalfa, managing director, Wholesale Access, a research and consulting firm. “It would reduce the cost of financing at the new and improved Fannie and Freddie.”
