There is one thing for sure that came from the federal government coming to the rescue of Fannie Mae and Freddie Mac -- a bit of much-needed market stability.

According to a story broadcast yesterday on National Public Radio’s Marketplace show, the federal government takeover of mortgage giants, Freddie Mac and Fannie Mae, has resulted in at least one short-term positive — a drop in mortgage rates, making it a lot more attractive to buy a house this week than it has been recently.

Since the announcement late Sunday, the rate on 30-year fixed mortgages dropped a half point on Monday and have been falling ever since. While no one knows for sure what the eventual long-term cost or outcome of the federal government’s decision will be, it seems that the concensus is that the move has given the market some well-sought stability, at least this week.

Homebuyers should see the move as a good sign — according to Greg McBride, senior analyst at Bankrate, lower rates could make it easier for new homebuyers to get a loan and also bring new buyers into the market. He says this combination could slow the fall in housing prices.

Marketplace’s Dan Grech exclaims, “The bailout of Fannie and Freddie restored investor confidence in mortgages. That’s why mortgage rates have fallen so fast.”

No matter the reason, smart homebuyers should take advantage of at least this temporary drop in rates and consider a move soon into a new home. If you’re interested in discussing your options and the possibilities with one of our sales consultants, simply schedule an appointment online and we’ll answer any questions you might have.