DID YOU KNOW?
Federal Officials Took Over Fannie and Freddie on Monday 9/8/08?
Rates reacted from the move by the Federal Government’s decision to take over the two largest mortgage investors, Freddie and Fannie. The government is now owns nearly 90% of the current mortgage loans on the market.
On Monday, when the market opened, interest rate dropped by ½% (half point) to the lowest level seen for a while with rates starting at 5.75%. This applies to both conventional and FHA loans. In simple terms, for every ½% reduction in interest rate, you could cut your mortgage payments by FIVE YEARS. For example, if it’s a 30 years mortgage, it could cut it to 25 years. Yes, that’s correct.
Therefore, it is the time to buy or refinance your home NOW!! If you or folks you know who are sitting on the fence waiting for prices or interest rates to hit bottom, now is the time to take action.
Federal Officials Took Over Fannie and Freddie on Monday 9/8/08?
Rates reacted from the move by the Federal Government’s decision to take over the two largest mortgage investors, Freddie and Fannie. The government is now owns nearly 90% of the current mortgage loans on the market.
On Monday, when the market opened, interest rate dropped by ½% (half point) to the lowest level seen for a while with rates starting at 5.75%. This applies to both conventional and FHA loans. In simple terms, for every ½% reduction in interest rate, you could cut your mortgage payments by FIVE YEARS. For example, if it’s a 30 years mortgage, it could cut it to 25 years. Yes, that’s correct.
Therefore, it is the time to buy or refinance your home NOW!! If you or folks you know who are sitting on the fence waiting for prices or interest rates to hit bottom, now is the time to take action.
