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.
While it's nothing like the refinancing boom several years ago,
Monday brought a rare moment of optimism in what has been an excruciating year for mortgage lenders, mortgage brokers, real estate agents and homebuilders.
"It's going to restore confidence...with a lot of homebuyers that are right now sitting on the fence," said Jim Gillespie, chief executive of Coldwell Banker Real Estate.
The government's actions "should make it easier for home buyers to find and qualify for a mortgage," said Timothy Eller, chief executive of homebuilder Centex Corp.
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