Mortgage Rates Drop Sharply

From Biz Journals:

Rates on 30-year mortgages dropped sharply again this week, falling to the lowest level in seven months.
On Thursday, Freddie Mac’s nationwide survey found that 30-year, fixed-rate mortgages had declined to 5.78 percent from 5.93 percent the previous week.
The big drop in mortgage rates is fueling a boom in refinancing, with mortgage applications up 58 percent since mid-August, according to Freddie Mac.
Fannie Mae — officially the Federal National Mortgage Association (NYSE:FNM) — and Freddie Mac — officially the Federal Home Loan Mortgage Corp. (NYSE:FRE) — are government-sponsored, publicly traded companies that together hold or back about half of the nation’s $12 trillion worth of home mortgages.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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