Mortgage Interest Rates, Already Low, Take Another Dip

Freddie Mac reported that the 30-year fixed-rate mortgage rate averaged 5.87% for the week ending January 10, 2008. Freddie Mac said the rate is the lowest since September, 2005.

Who the heck is Freddie Mac? Well, many people wonder. It's a name seen and heard frequently in the media, often without a word of explanation. Freddie Mac is not a person, but a stockholder-owned corporation chartered by Congress to increase the funds that mortgage lenders can make available to home buyers and multifamily-unit investors. These lenders are mortgage bankers, credit unions, savings institutions and commercial banks.

Freddie Mac has been in existence for almost 40 years with a mission of providing a continuous and low-cost source of credit to finance America's housing.    

Learn more about this vital organization here, and be sure to contact OwnACondo.com at 866-696-2266 if you'd like more information from our preferred lenders about condo loans, how to qualify, and much more.