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Well, the news was surprising and no one expected it but the government has officially taken over mortgage giants Fannie Mae and Freddie Mac effective yesterday.  The news gave mortgage backed securities a BIG lift today which translated into much better rates!  We haven't seen such a drop in rates (and hike in investor confidence) since early 2005! 

What does this mean for you as a buyer?  Well, it means to take advantage of this steep drop in rates and lock in if you can.  Now is the time to buy (REALLY!) what with home prices at an all time low due to all the foreclosures and NOW with rates decreasing tremendously!

What does this mean for you as a realtor?  The answer is obvious.  Educate your clients about not only the hugely discounted properties for sale but now the extreme drops in rates.  Normally, rates don't fluctuate much from day to day and rates dropped significantly since Friday.

This won't last forever so "jump on the bandwagon" (as the saying goes) and make the most of your buying dollar! 

Happy hunting and don't forget to LOCK your rate or ensure that you have a trusted mortgage professional who can advise you regarding when locking is prudent!