Interest Rates Drop to Lowest Level in 2008 - (09/09/2008)

Interest rates have dropped to the lowest levels in 2008. A qualified buyer can lock a rate today (9/9/2008) for 5.75% for a 30 year fixed interest rate. This interest rate drop has been fueled by the decision of the Federal Government to take over failing Fannie Mae and Freddie Mac.

If you are thinking of purchasing or refinancing take action quickly as interest rates are very volatile. Looking at the bond market today it doesn’t look like rates will increase for tomorrow, but tomorrows trading could change that very quickly.