5.5 percent, thirty year fixed rates

Most of you have already heard the recent news regarding lending giants Fannie and Freddie. This action by Washington will have enormous short and long term implications on our industry.
The federal government is bailing out "Frannie" after the lending giant filed bankruptcy. In the short-term, this drastic measure could be good for sales as interest rates take a temporary drop. The news has caused a buzz at the State House as South Carolina House Representative and Wachovia Mortgage Broker Nathan mentioned 5.5 percent, thirty year fixed rates on his blog. As many REALTORS® have advocated, the long term effects could mean a complete overhaul of the government sponsored enterprises