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After the announcement of the Freddie Mac and Fannie Mae bailout, mortgage rates fell to their lowest level in about five months. The national average for a 30-year fixed rate mortgage is now below 6% and about 50 basis points from its most recent high set in July.
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With rates falling, there is hope that more buyers will come into the market, stabilize falling prices and work down some of the inventory of homes for sale which is now about 10 months of supply. Below is a table of current national rates. See what rates are in your area here.
On the news, many of the homebuilders were amongst the best performers on the S&P yesterday including KB Homes [KBH
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], DR Horton [DHI
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Data is a real-time snapshot *Data is delayed at least 15 minutes