Good news for local real estate market

Homebuyers are seeing the lowest mortgage rates in five months after last week's federal takeover of Fannie Mae and Freddie Mac, creating conditions that Anne Arundel real estate and financial experts say could turn around the local market.

And there's been a bump in activity in the past week with more people looking at homes or considering refinancing old loans, mortgage brokers and real estate agents said.

Richard Lerner, chairman and chief executive officer of BankAnnapolis, said he doesn't expect the "floodgates to open" but lower rates "can only be good in the long...