Thirty-year mortgage rates fell dramatically this week; an anticipated reaction after the recent government takeover of mortgage giants Fannie Mae and Freddie Mac. In a nationwide survey, Freddie Mac found fixed-rate, 30-year mortgages sliding back to 5.93 percent. This comes as good news to a beleaguered housing market, and illustrates the short-term benefits of Sunday’s takeover. Economist Mark Zandi of Economy.com feels that rates could continue to drop, reaching as low as 5.5 percent in the relatively near future.
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