Mortgage Backed Securities are up 94 basis points right now. That means we should see rates drop another .125 to .25% today. It's horrible that Fannie and Freddie mismanaged themselves so much that the government needed to step in over the weekend to run them. Evidently this was done so that the Japanese and Chinese would still consider Mortgage Backed Securities good investments. Let's see if this is enough stimulus to jump start the real estate market. In any event rates have dropped for today. Let's see what the full impact of this move is.
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