Thu, 09/11/2008 - 9:26pm
â€œMortgage rates have dropped .5% and are expected to drop even further.â€ Just recently the US Government has assumed control of the mortgage giants Fannie Mae and Freddie Mac in efforts to stabilize the financial markets. This move was taken as a necessary reaction to financial concerns that Fannie and Freddie could collapse due to financial insecurity.Â If Fannie and Freddie were to collapse, the housing market would collapse altogether. This is good news for home buyers and aims to put downward pressure on mortgage rates to ensure home loan funding remains available. These necessary steps will help to strengthen the U.S. housing market and promote stability in our financial market. In turn, we will see lower mortgage rates, continued availability of funding for consumers with good credit, renewed global investor confidence, and stocks prices increasing on "improved economic stability". Mortgage rates are expected to drift into the 5.5% range within the coming weeks. This could be temporary. So now in the time to review your mortgage and see if you can take advantage if the changes in the mortgage market. For more information on how you can take advantage of this great opportunity in the mortgage market call Karen Arbutine at 888-727-7778.