MOrtgage rates dropped sharply Monday morning as investors reacted to the governments takeover  of Fannie Mae and Freddie Mac.  The average interest rate for a 30 year fixed rate mortgage dropped three tenths of a percentage point to 6%, and are expected to decline more in the coming weeks.

The governments takeover of Fannie Mae and Freddie Mac-mortgage titans that own half of all US mortgages- will help borrowers who had been nervously witing for the best time to get out of an adjustable rate mortgage they took out during the housing boom.

It will do little to stem the dramatic rise in foreclosures. That has consumer advocates calling on Fannie and Freddie to do more.

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www.gerlindevail.com

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