Tuesday, September 09, 2008

Mae Mac Bailout drops rates significantly

The Federal Government has effectively guaranteed bonds issued by Freddie Mac and Fannie may by taking the agencies private on Saturday. This made their debt essentially risk free which translates in to lower Mortgage costs. A quick update from, Josh Kagan, a great mortgage broker in town.

"The government announced bailout of Fannie Mae and Freddie Mac had huge impact on conforming rates today including jumbo-conforming rates (up to $675,000 in Routt County). Conforming 30 yr fixed rates fell to 5.5% today and jumbo conforming rates to as low as 5.625%.

Whether you (or your friends and clients) are looking to purchase a new home at a relative bargain, refinance from an ARM to a fixed rate loan, or consolidate debt the current rates present significant opportunities. Please call or email if you would like any additional information."

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