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Fed drops rate.
Long -term mortgage rates were pushed downward last week as the fed continues to aggressively provide liquidity to the struggling credit markets. The Fed slashed interest rates again by 3/4 of a point and announced direct lending to troubled financial institutions. The Office of Federal Housing Enterprise Oversight also announced an initiative that should enable Freddie Mac and Fannie Mae to pump $200 billion into the mortgage market. This helped drive rates down as Freddie and Fannie will be able to buy more loans. Experts expect loans to happen faster now. ... more

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