The Real Deal New York

A drop in mortgage rates nationwide and in New York followed this weekend’s announcement of a federal takeover of Fannie Mae and Freddie Mac. The average interest on a 30-year, $600,000 mortgage in New York dropped to 6.125 percent yesterday, from 6.625 percent on Friday, according to Florida-based research firm Bankrate Inc. Experts believe that investor confidence, boosted by the Treasury Department’s guarantee of the two companies’ loans, will cause further interest declines in coming months. New York City’s housing market could be especially affected now that the company’s are allowed to back larger loans — including the $417,000 to $729,750 range — after a federal housing bill passed this summer.