Credit crisis continues as rates on 30 year mortgages plunged to its lowest level since January this year after the government swiped a new effort to aid the the housing market.Freddie Mac, mortgage finance giant, says that the average 30 - year rates on a fixed mortgages dropped to 5.53 percent from 5.97 percent, and the lowest since January.
Government plans to launch industry-backed plan to lower the 30-year mortgage rate to 4.5 percent by giving out billions to buy off securities issued by Fannie Mae and Freddie Mac but Experts say this won't be such good idea. Details on the link below.
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