"Mortgage applicants rejoice!
Sunday's federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts said. Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a 30-year fixed rate mortgage.
'This could be good for would-be homeowners,' said Tom LaMalfa, managing director, Wholesale Access, a research and consulting firm. 'It would reduce the cost of financing at the new and improved Fannie and Freddie.'"
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What the rescue means for borrowers
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