Great news on Interest Rates, Mortgage Bonds are soaring higher on this weekend’s announcement that Fannie Mae and Freddie Mac will come under control of the government. Meaning rates will be moving down and have already moved below 6%.
The government’s move to create a line of $200 billion to back all Fannie Mae and Freddie Mac loans at all costs is great news for homeowners. First, it ensures the continued liquidity of conforming loans nationwide and, second, it ensures that buyers of this type of Bond have a safe investment going forward. There’s no doubt that this will help the US housing market move through the current crunch that we’re in.
http://news.yahoo.com/s/afp/20080908/ts_alt_afp/useconomypropertyfinancecompany_080908144037;_ylt=Al3XGMxTUxwUcVgPvSfw6rOz1g4B
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