What’s all this news about the government takeover of Fannie Mae and Freddie Mac??? Well, as of right now the direct effect is that there is less uncertainty for the lenders out there and rates have gone way down. They were in the mid 6’s last week and now a 30 year fixed rate with my favorite lender is 5.75%. That’s a great rate, so if you combine that with the falling prices, those buyers that are in the market right now are in for a great deal. There will probably be a big rush to refinance, too.