"The drop in mortgage rates by as much as half a percentage point following news of the federal takeover of Fannie Mae and Freddie Mac will provide a boost to the New York City housing market. The national average interest rate on a 30-year fixed mortgage dropped to 6.08% yesterday, from 6.26% last week, according to Florida-based research firm Bankrate Inc. In New York, mortgage brokers were offering a rate of 6.125% on a 30-year $600,000 mortgage, down from 6.625% Friday." [Sun]
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