Daily Real Estate News | September 11, 2008
Mortgage Rates Drop--At Least for Some
In the days since the government assumed control of Fannie Mae and Freddie Mac, the 30-year fixed mortgage rate has dropped to about 6 percent, says HSH Associates.
While many borrowers are rushing to lock in the new rates, experts point out that only those borrowing less than $729,750--the new conforming loan limit--will qualify for the lower rates.
Moreover, with lenders implementing rules slated to take effect at Fannie Mae in 2009 that mandate 15-percent down payments, more borrowers will face a cash hurdle to secure financing.
Source: Los Angeles Times, Scott Reckard (09/11/08)
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