Mortgage Rates are Dropping - - - Fannie Freddie fallout!

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Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

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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Rainmaker
544,684
Shirley Parks
Sands Realty 210-414-0966 - San Antonio, TX
Broker, 210-414-0966, San Antonio TX Real Estate

Larry, I am thinking of my buyers who closed last week.  They are probably going to be disappointed that interest rates have dropped since their closing.

Sep 08, 2008 02:10 AM #1
Rainer
17,826
Richmond Virginia
Richmond, VA

Larry- thanks for the update.  It'll be good to see rates drop a bit.  Although as you know they weren't "high" to begin with.  Hopefully this will help change the perception in the mind of the buyer.

Sep 08, 2008 02:14 AM #2
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Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

Shirley....you can refi them or recommend it soon.

Tim...let's hope so.

Sep 08, 2008 03:53 PM #3
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