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Thursday, January 8, 2009

Banks Offer Mortgage Rates Below 5 Percent

From Realtor Magazine Online, Daily Real Estate News January 8, 2009

The Federal Reserve earlier this week began purchasing $500 billion of mortgage securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae.

The move, to bolster the crippled residential property market, has resulted in some of the nation's biggest banks--including JPMorgan Chase & Co. and Wells Fargo & Co.--to offer fixed home loans under 5 percent.

While analysts expect the lower rates to prompt more borrowers to refinance, it may not kick-start home buying due to the bleak employment picture.

Source: Bloomberg, Dan Levy (01/08/09)
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