What the Fannie-Freddie takeover means for mortgage rates

Perspective: From The Mortgage Reports Blog

Sunday, the government announced that it will takeover Fannie Mae and Freddie Mac and assume their respective operations. Mortgage-backed debt is now government debt.

But for all the front page stories today, there’s surprisingly little coverage about how the news impacts homeowners in need of a mortgage.

Mortgage rates are down sharply today, and possibly forever.