WASHINGTON – Rates on 30-year mortgages dropped sharply again this week, falling to the lowest level in seven months, as rates continue to decline following the government’s dramatic takeover of mortgage giants Fannie Mae and Freddie Mac.
Freddie Mac reported Thursday that its nationwide survey found that 30-year, fixed-rate mortgages declined to 5.78 percent this week, down from 5.93 percent last week.
It was the fifth consecutive weekly decline. The decreases have accelerated over the past two weeks since the government announced Sept. 7 that it was taking control of Fannie Mae and Freddie Mac.
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