In light of the Treasury Department's action to place government sponsored enterprises, Freddie Mac and Fannie Mae, into a conservatorship, people are asking "What does this mean for me?"
Many experts have speculated that this decision could lead to lower rates on various mortgage products. Thus far, there has been no significant changes in rates overall. Over the past week, the average rate 30-year fixed rate mortgages offered by major financial institutions have dropped 22.6 basis points from 6.761% to 6.535%. If rates continue to drop due to this takeover, this may create some excellent opportunities for homeowners and prospective buyers alike.
For homeowners who have been waiting to refinance their mortgage, this may be a good opportunity to take advantage of lower rates. Make sure to shop around for the best deal!
To qualify for the best rates, be sure to maintain excellent credit. Keep tabs on your credit by looking into free credit monitoring tools. These tools allow users to securely check and monitor their credit score on a regular basis.
No one can say for sure exactly how the takeover of Fannie Mae and Freddie Mac will affect rates long term, but the best way to stay on top of rate trends is to check rates regularly. By using online rate comparison tables, checking rate trends is only a click away!
Until Next Time,
Denver CO Homes & Real Estate