Mortgage rates are lower, but getting a home loan is no easier

The government takeover of mortgage giants Fannie Mae and Freddie Mac has pushed mortgage rates lower, a boon for some home buyers and homeowners seeking to refinance, but it is not automatically going to make home loans easier to obtain.

In the wake of the takeover, interest rates on 30-year fixed-rate mortgages dropped substantially, falling under 6% for the first time since May, according to Freddie Mac's weekly rate survey. The national average for the 30-year fixed-rate was 5.93% for the week ending Sept. 11, down from 6.35% last week and 6.31% a year ago.

Still, coming up with a bigger down payment has been a barrier for some first-time home buyers, while others have struggled with tighter underwriting that lenders have put in place in response to the weakened housing market.

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