I don’t want to dive into the Freddie Mac/Fannie Mae bailout by the U.S. government – not today anyway – but I couldn’t resist passing this news story along.
As I was watching the CBS Evening news last night, a report showed that the takeover dropped interest rates Monday by more than a quarter point to 6.2 percent. But what really made me take notice was an economist not guessing, but expecting interest rates to drop below 6% in the next few weeks!
I suspect we’ll see refinancing applications spike, in addition to some buyers finally getting of the fence. Here’s the report:
Watch CBS Videos Online
Update: This morning, a mortgage banker told me that rates dropped another quarter point today; the two biggest drops he's ever seen in back-to-back days- resulting in rates now at 5.50%. He expects interest rates to stay in the mid to high 5s for the rest of 2008.
Tuesday, September 09, 2008
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