Check out a blog post written by Kline May Realty’s Karl Waizecker titled “Biggest One-Day Mortgage Rate Drop in 7 Years!”

It seems the Federal Reserve has hit upon a plan that will actually work.  Yesterday, based on the news that the Fed will buy $600 Billion of bad loans from banks (as opposed to bank stock) mortgae rates dropped from a national average of 6.38% to 5.5%!  This is a monumental drop in rates that will no doubt spur activity in the housing market.