A drop in mortgage rates that's accelerated since the government said it would take over Fannie Mae and Freddie Mac has raised hopes that more buyers might be drawn into the housing market and help reverse the worst slump in decades. Moreover, asking your lender whether a rate if fixed or adjustable is important when you're on the look out for the best mortgage rate. Remember that adjustable rates, despite their low interest rates, might not have the best mortgage rates. Adjustable rate mortgages only have low interest rates in their first year, after which, rates either tend to go up or go down.
