The Mortgage Man

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Fannie Mae And Freddie Mac Get Taken Over

Markets react to the government takeover of mortgage giants Fannie Mae and Freddie Mac.

I wrote a post last thursday about how the bond market was looking good to align yourself for a refinance.  Then, over the weekend, the government stepped in and took control over Fannie Mae and Freddie Mac, and what a difference it has made.  At the time of this post, mortgage bonds are trading nearly 70 basis points higher than the close on Friday, and the Friday numbers were already steller.

So the post Thursday that suggested it might be a good time to refinance has now become a battle cry.  If you have been waiting for the right time to refinance your home, it is time to get the application started and wait for the right day to lock your rate.  If this trend continues, we may very well see rates below 6% on a 30 year fixed this week.  This morning, rates are as low as 6.125%, and there will likely be an improvement on those later today based on current market conditions.  You can check current rates at SteveRussellOnline.com.

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1 Comment»

  Ras Al Khaimah property wrote @

Your prediction is accurate you have great knowledge in this field.


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