Tuesday, September 30, 2008

Mortgage rates fall to seven-month low

Bailout of Fannie, Freddie helps rates plunge to 5.78 percent

The Associated Press

Rates on 30-year mortgages dropped sharply again this week, falling to the lowest level in seven months, as rates continue to decline following the government's dramatic takeover of mortgage giants Fannie Mae and Freddie Mac.

Freddie Mac reported Thursday that its nationwide survey found 30-year, fixed-rate mortgages declined to 5.78 percent this week, down from 5.93 percent last week.

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