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dow2664 Fannie Mae and Freddie Mac , mortgage giants, have been bailed out by the working class. During the economic turmoil that ensued just several years ago in the U.S., mortgage giants Freddie Mac and Fannie Mae, received a significant amount of bailout fund money. This number exceeds 100 million. A significant portion of these funds were then utilized to pay top executives in the companies. Freddie Mac and Fannie Mae report that these monies were needed to pay top execs because their services are vital in keeping the companies afloat during troubled times. Freddie Mac and Fannie Mae also report that although the pay might appear excessive to some, the amount top execs were paid overall averages about 40 percent lower than the amount that top execs were paid prior to the financial crisis in 2008. Recent cost estimates for the taxpayer bailouts exceeds 100 billion today through 2014. Frannie and Freddie just lost billions more in the last quarter and are asking Congress for more funding. Some congressional leaders feel that the funding and the executive compensation is extremely excessive. At a time when the unemployment rate is above average nationally and foreclosure numbers are above average, many Americans are upset. The bailout funds should be unacceptable to most, but the wool of low interest rates makes the reality of the situation less vivid. Most people in America need the low interest rates. Interest rates in November continued to drop for long term mortgages and since taxpayers are struggling already to access acceptable food and shelter, the rates are next to irresistible. Freddie Mac is currently reporting that interest rates have dropped once again. According to recent data analysis, Freddie Mac reports that the 30 year fixed mortgage interest rates dropped to 4 percent. The 15 year fixed mortgage interest rate is posting at 3.31 percent. The 1 year ARM recently dropped lower to 2.88 percent and the 5/1 year ARM currently posts lower at 2.96 percent. The average mortgage interest rates have dropped lower at a relatively steady rate over the past three years. The recession and turmoil the ensued pushed rates lower and rates are now at historic lows. Now is a great time to receive low interest rates. Rates have not been this low in decades. The problem now is that unemployment is high and lenders have had to tighten the window of qualification to avoid debt defaults. The American people are suffering and government bailout goes to Freddie Mac and Fannie Mae. Interest rates in December continue to remain at all time lows. Mortgage application indices are up for the month of December as a result of the rates which have remained at all time lows. As of the end of the first week of December, on-line analysis reveals that the Mortgage Application Index year-over-year change is positive by about .07 percent. The Mortgage Refinance Index is positive by approximately .10 percent and the year-over-year change for the Mortgage Purchase Index is just above break-even as well. The national unemployment rate in the U.S. dropped in noteworthy fashion and more Americans are in better position to apply for and receive a home loan. Freddie Mac is posting the 30 year fixed rate at 3.99 percent. The 15 year fixed rate is posting at 3.27 percent at this point in time.
