Our mortgage reporter, Rhonda Porter, providing mortgage rate update:
With the Government stepping in to bail out Fannie and Freddie, mortgage rates have greatly improved this week. No one knows for certain how long these low rates will last-of course we hope they're here to stay. Many changes are coming into effect at the end of this month with FHA, including the termination of Down Payment Assistance Programs (Congress is pushing a new bill that my save DPAs such as Nehemiah) and increased down payment requirements for FHA.
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