Tuesday, 02 December 2008
With the announcement by the federal government to pump another $800 billion into the credit markets, mortgage rates have finally fallen. The Fed's agreement to buy up mortgage backed securities from Freddie Mac was the catalyst the market needed to lower rates. Rates on a 30 year fixed loan are averaging between 5.25% and 5.75%. Almost .75% less than a week ago. This is great news for the housing market and we are hopefully that it will stimulate renewed interest in purchasing homes across the country.
