Mortgage Rates Plunge After Federal TakeoverSep 8 2008
CHICAGO, IL — September 8, 2008 — Seeking to stabilize financial markets and revive the slumping housing market, the U.S. Government took control of mortgage giants Freddie Mac and Fannie Mae. Since this news broke Sunday, mortgage rates have dropped dramatically.
Rates have not been below 6% for a 30-year fixed rate since a Federal Reserve rate cut in late January of this year, and they didn't stay below 6% long--rates inched upward just days after the announcement. Consumers who acted fast, were able to lock in a historically low interest rate for the next 30 years.
Now is the time to refinance or purchase your new home. We urge you to Apply Now before rates increase again and credit standards tighten further. Rates this low combined with Guaranteed Rate's low rate and fee guarantee are sure to save you money each month.