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Main street hopeful with lowering of mortgage rates in US

Homebuyers will be helped by Federal Reserve as announced on Tuesday bringing a breather to a lot of mortgage brokers and their clients. Greg Humphrey, a mortgage broker from Cincinnati says he hopes this will be as beneficial for a lot of people as it was for one of his clients.
Humphrey and his colleagues at McKinley Mortgage were thrilled to death according to Humphrey’s description of their reaction to the announcement. Following the help extended to Americans for acquiring home loans by the Fed, there was a drop in the interest rates.
Humphrey said these rates were by far the best this year. He also said it facilitated renegotiation of rates for a couple of his customers, one of whom saved at least $70 a month following his purchase of home.
Fed announced that Freddie Mac and Fannie Mae backed mortgage and debt securities will be purchased by them. Fannie Mae and Freddie Mac are the two enterprises at the center of the housing crisis in US is government sponsored.
Interest rates went down to 5.5 percent from 6 percent following Fed’s move even as various rescue measures for the financial sector in US by the government failed to benefit ordinary Americans looking for loans.
This measure will help Americans who have a good credit rating as they will be eligible for these loans which were practically out of reach a few days ago. Humphrey says though parameters are still tight, people qualifying for the loan based on debt to income rate will now is more with reduced interest rates.

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