Daily Real Estate News  |  September 9, 2008
Mortgage brokers say Monday was the busiest day they can remember in the last couple of years.

The average rate for a 30-year fixed-rate loan fell to 6.04 Monday, about a third of a percentage point lower than on Friday, before the federal takeover of Fannie Mae and Freddie Mac.

On a $200,000 loan, that's about a $500 annual savings - significant but not enough to turn around the housing market, analysts say.

Nevertheless, at online mortgage firm Quicken Loans, applications Tuesday were more than double what they had been in recent weeks, says Bob Walters, the firm's chief economist.

Source: The Washington Post, Dina ElBoghadady and Renae Merle (09/09/08)

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