Bailout helps weekly results on mortgage rates

"Rates on 30-year mortgages dropped, after the U.S. government took control of mortgage financing giants Fannie Mae and Freddie Mac last weekend.

The Primary Mortgage Market Survey from mortgage finance company Freddie Mac (FRE, Fortune 500) said that rates on 30-year fixed-rate mortgages (FRMs) averaged 5.93% for the week ended September 11, with an average 0.7 point discount. That's down from an average 6.35% last week, and down from an average of 6.31% recorded during the same week last year.

'Interest rates for 30-year fixed-rate mortgages are down almost 0.6 percentage points over the past 4 weeks, which will help to spur home purchases and loan refinancing in coming weeks,' said Frank Nothaft, Freddie Mac's vice president and chief economist."

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Bailout helps weekly results on mortgage rates