US Government Bail Out of Fannie/Freddie has major impact on interest rates
9/9/2008
In a move of historic proportions, the Federal Government has stepped in and taken over mortgage giants Fannie Mae and Freddie Mac. The immediate effect on veteran and military home owners is a drastic drop in current VA mortgage rates.
For the past year or more, homeowners and Wall Street alike, have lost hope and confidence in the housing market. This lack of confidence has led to an unhealthy mortgage market as well and this has had exponential effects on the housing slow down. It is important to understand that as it becomes harder to qualify for a mortgage, it is less likely we will see a housing correction any time soon. This is exactly why the bailout of Freddie and Fannie was so welcomed by the markets today!
Now that the Federal government is stepping in and promising the success of these mortgage giants, the overall markets are applauding and the reaction for veteran home owners is much lower interest rates. One of www.LowVARates.com approved lenders Flagship Financial Group released the following information shortly after the VA interest rates were released today, "we are offering the veterans that we serve an awesome opportunity today, we have dropped our rates on our streamline refinances to 5.25%-5.5% depending on a couple of variables. The amazing thing is that just last week, prior to the bailout we had rates ranging from 6.0% to 6.5%. This decrease in rates could save hundreds of millions of dollars for veterans nationwide!" Eric Austin of LowVARates.com
Veteran home owners, please contact an approved VA loan officer immediately so that you may take advantage of these new lower interest rates for veterans. Again, LowVARates.com specialized in bringing veteran home owners and VA approved lenders together at no charge to the veteran. Feel free to go to www.lowvarates.com for more information.
