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As the government takeover of mortgage giants Fannie Mae and Freddie Mac hits the newswire, interest rates take a plunge and Wall Street responds favorably. The decline in rate doesn’t apply to loans over $730,000 but with the recent decline in the housing market, your dream home may be attainable with a great fixed rate. The average rate of a 30-year fixed loan is nearing 6% making a mortgage easier to obtain for a borrower, however, a 90% loan is no longer desirable to the lender.

Bloomberg reports on the takeover: http://www.bloomberg.com/apps/news?pid=20601087&sid=aFL16l3QSSIY&refer=home

Posted by Nicolle Beimer, Vice President, Freedom First Properties