Mortgage rates fell sharply Monday, as investors reacted to the government's takeover of Fannie Mae and Freddie Mac. And that's exactly what homeowners like Jim Chereskin had been waiting for.
Chereskin, who lives in Naperville, Ill., took out an adjustable-rate loan in 2003 and has been worrying about how much his mortgage payments will rise once the loan resets to market rates in about 18 months.
“I don't want to have to worry about it anymore,” said Chereskin, who expects to switch to a fixed-rate loan as soon as this week. That way, he said, “I can sleep at night and I'm good.”
The government's takeover of Fannie Mae and Freddie Mac — mortgage titans that own or guarantee about half of all U.S. mortgages — will help borrowers who had been nervously waiting for the best time to get out of the adjustable-rate mortgages they took out during the housing boom.
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