Tuesday, September 9, 2008

Mortgage Rates Drop 1/4 Point In 24 Hours

One of the potential benefits from the Freddie/ Fannie bailout could be lower mortgage rates.
If the past 24 hours is any indication, things are certainly moving in the right direction.
Yesterday, the spread between the 10 year T-Bill and 30 year conventional rates dropped by 27/100ths of a point, and mortgage rates effective dropped around 1/4 point to 5.88% according to bankrate.com. This is a welcome relief from the July 23rd high of 6.51%.
More:
Mortgage Bonds Rally Following U.S. Seizure of Fannie, Freddie (Bloomberg)

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