30-year fixed-rate mortgage average: 5.93 percent after government bailout

In the past week, the interest rate on U.S. 30-year fixed-rate mortgages fell by 0.42 percentage points, America have not seen a seven-day drop like this in more than 28 years, according to Freddie Mac the new rate is the lowest it’s been in five months.

Analysts say that the fall was driven by the U.S. government’s bailout of Freddie Mac and Fannie Mac which was announced on Sunday by Henry Paulson the Treasury Secretary and the director of the Federal Housing and Finance Agency, James Lockhart.

For the week ending today, the interest rate on the 30-year mortgage averaged 5.93 percent, which is down 0.42 percent from the previous weeks 6.35 percent, this was said in Freddie Mac’s Primary Mortgage Market Survey.

Read full article in blogs.usatoday

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