What does the federal government’s takeover of Fannie Mae and Freddie Mac mean for homebuyers and consumers in the Orlando area? Mortgage loans will be slightly less expensive, though not by much.
“Within the next week or two, you’ll see the impact at the consumer level, but it’s not likely to be more than half a point,” said Michael Larson, real-estate analyst with Weiss Research in Jupiter.
Wholesale mortgage rates fell Monday in response to the U.S. Treasury Department taking control of the two secondary-market mortgage giants over the weekend.
Fixed-rate, 30-year mortgages have been averaging 6.35 percent this month; a drop to 6 percent, Larson said, would trim the monthly cost of a $200,000 home loan to $1,199 from $1,244 — a savings of $45 a month. “It’s not much, but every bit helps,” he said.
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