Mortgage news: Rates, Fannie, Freddie


Mortgage rates continue to drop according to latest results from Bankrate’s
weekly survey. The 30-year fixed rate dropped from 4.47 percent to 4.42
percent, and the 15-year fixed dropped from 3.85 percent to 3.82
percent. These are both record low rates according to Bankrate.

Also in mortgage news today, predictions were released that
the Fannie Mae and Freddie Mac bailout could reach unexpected costs.
Some news sites are predicting $363 billion (Las Angeles Times),
or $259 billion (Associated Press).

The new Fannie and Freddie predictions are determined by the status of
the housing market. “If prices fall sharply, as some analysts forecast,
Fannie and Freddie won’t be able to recover as much money on
foreclosures. And they would require more taxpayer aid,” according to
the Associated Press article.

But in positive news, Microsoft,
and United
showed increased profits. 

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