How long does it take for the mortgage rates to go down after Fannie & Freddie are taken by US Govt? ?
Sunday’s(09/07) federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates. How soon does this happen? 2 week or 2 months? I am closing in the last week of sep and have my rate locked @6.00 for 30 yr fixed. I have one free float down option. I spoke to my loan officer today and they went down to 5.75. Should I float down immediately or wait so that it goes further down in next couple of weeks. Any guidance is much appreciated!!