What the Fannie-Freddie takeover means for mortgage rates

Perspective: From The Mortgage Reports Blog

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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.