Tuesday, September 16, 2008

With everything regarding bankruptcies, government agencies stepping in to assist Fannie Mae and Freddie Mac, you may be wondering how these seeming negatives translate into something very positive for the mortgage consumer.

The bankruptcy of Leihman Brothers and the government assistance of Fannie Mae and Freddie Mac did something fantastic for the mortgage consumer. Due to the added security of Fannie Mae and Freddie Mac, coupled with the unease in the current stock market trends, mortgage backed security bonds have increased in appeal. Due to the increase in sale of the mortgage backed security bonds, rates are starting to fall making this the perfect time to refinance an existing property or purchase your first home.

Rates are back down in the 5-6% range (dependant upon your specific scenario). This range is something we have not seen since April of this year. Contact your mortgage professional today to see if a timely refinance may save you time and money, which is always helpful as we head into the holidays.

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