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The 30-year fixed-rate mortgage average is at 7.14 percent, according to Freddie Mac.
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The Fed sets the interest rate to an all-time low of 1 percent and leaves it there for a year.
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"American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage," said Fed Chairman Alan Greenspan.
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Fed begins to increase interest rates, continuing to do so for the next two years.
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The 30-year fixed-rate mortgage average is at 6.18 percent, according to Freddie Mac.
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New Century Financial, the largest U.S. subprime lender, files for chapter 11 bankruptcy.
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The 30-year fixed-rate mortgage average is at 6.07 percent, according to Freddie Mac.
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Bear Stearns receives government funding as shares plummet. Bear Stearns is acquired for $2 per share by J.P. Morgage Chase to avoid bankruptcy.
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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.
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Merrill Lynch is sold to Bank of American amid fears of a liquidity crisis.
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Lehman Brothers files for bankruptcy protection.
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The government lends $85 billion to American International Group to avoid bankruptcy.
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President George W. Bush signs the Emergency Economic Stabilization Act, creating a $700 billion Troubled Assets Relief Program to purchase failing bank assets.
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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.
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The 30-year fixed-rate mortgage average drops to 4.96 percent, the lowest rate since Freddie Mac began tracking them 40 years ago.