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30-year fixed-rate mortgage at 7.14 percent
The 30-year fixed-rate mortgage average is at 7.14 percent, according to Freddie Mac. -
Fed sets interest rate to 1 percent
The Fed sets the interest rate to an all-time low of 1 percent and leaves it there for a year. -
Greenspan encourages alternatives to fixed-rate mortgages
"American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage," said Fed Chairman Alan Greenspan. -
Fed begins to increase interest rates
Fed begins to increase interest rates, continuing to do so for the next two years. -
30-year fixed-rate mortgage at 6.18 percent
The 30-year fixed-rate mortgage average is at 6.18 percent, according to Freddie Mac. -
Largest U.S. subprime lender files for bankruptcy
New Century Financial, the largest U.S. subprime lender, files for chapter 11 bankruptcy. -
30-year fixed-rate mortgage at 6.07 percent
The 30-year fixed-rate mortgage average is at 6.07 percent, according to Freddie Mac. -
Bear Stearns receives government funding
Bear Stearns receives government funding as shares plummet. Bear Stearns is acquired for $2 per share by J.P. Morgage Chase to avoid bankruptcy. -
Fannie Mae and Freddie Mac nationalized
The government takes over Fannie Mae and Freddie Mac, which at that point owned or guaranteed about half of the country's $12 trillion mortgage market, effectively nationalizing them. -
Merrill Lynch sold to Bank of America
Merrill Lynch is sold to Bank of American amid fears of a liquidity crisis. -
Lehman Brothers files for bankruptcy.
Lehman Brothers files for bankruptcy protection. -
Government loans money to AIG
The government lends $85 billion to American International Group to avoid bankruptcy. -
TARP created
President George W. Bush signs the Emergency Economic Stabilization Act, creating a $700 billion Troubled Assets Relief Program to purchase failing bank assets. -
Fed pledges $600 billion to aid housing crisis
Fed pledges $800 billion more to help revive financial system. $600 billion will be used to buy mortgage bonds issued or guaranteed by Fannie Mae, Freddie Mac, Ginnie Mae and the Federal Home Loans Banks. -
30-year fixed rate mortgage drops below 5 percent
The 30-year fixed-rate mortgage average drops to 4.96 percent, the lowest rate since Freddie Mac began tracking them 40 years ago.