After an early retreat, the session turned positive when top executives of Fannie Mae, the largest U.S. home finance company, said the worst of the credit market turmoil erupting from the real estate slowdown may have passed. That mitigated earlier concern about its huge quarterly loss, and propelled a broad rally in financial stocks.
There are a lot of people that are eyeing the financials right now, so if you're going to play the financials, Fannie Mae and Freddie Mac have to be among them.
Product Rate APR
3/1ARM *5.250% *5.328%
5/1 ARM *5.375% *5.460%
15 Yr. Fix. *5.500% *5.578%
30 Yr. Fix. *5.875% *5.953%
*Rate is based on 20% down payment
*APR is based on $250,000 loan amount