Auto Bailout Fails, Mortgage Rates Lower

By:: Bill Rice - MortgageLoan.com

The auto bailout fell apart in the Senate yesterday, as Senate Majority Leader Harry Reid (D-NV) pulled the plug on the legislation. This is certain to cause havoc in the equity markets today. However, with continued discussion of the government pushing mortgage rates down to 4.5-4.0 percent and weakness in the equities market the mortgage-backed securities should get a lift.

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