Fannie Mae, Freddie Mac Buyouts Push Interest Rates Lower

While there’s still a great deal of uncertainty among consumers nationwide, all the signs are pointing to better opportunities for home buyers here in Louisville.

Chart of mortgage interest rates
Mortgage interest rates through August 2008. | Source:

From yesterday’s Courier:

The average interest rate for a 30-year fixed-rate mortgage dropped 0.3 percentage point to 6.04 percent yesterday, according to HSH Associates, and it’s expected to decline a little more in coming weeks.

If the rate falls below 6 percent, Carolyn Sachse of Stock Yards Bank & Trust said, it might prompt wary homebuyers to jump back into the market. That would reduce inventory and help stabilize prices.

Major props to Alex Davis for continuing to write both sides of the real estate story.