The government took control of mortgage titans Fannie Mae and Freddie Mac, who alone control nearly half of the US mortgage market. The move was made to protect the falling US economy. The average interest rate for a 30-year fixed rate mortgage dropped 0.3 of a percentage point to 6.04 on Monday, according to HSH Associates, and are expected to decline a little more in the coming weeks*. The US has faced huge amounts of foreclosures the last few years, causing a rapid decline in the US market.
*Taken off Yahoo! For original article, click blog title.
Monday, September 8, 2008
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