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US home loan rates hit new low
Country: United States
19 January 2009
The average mortgage rate on a 30-year fixed loan in the USA has fallen to 5%, its lowest record in years, according to mortgage firm Freddie Mac.
The fall in mortgage borrowing costs suggests that the Federal Reserve’s plan to prompt lenders to reduce mortgage rates by slashing interest rates and vowing to buy back $500bn mortgage-backed securities is working. Mortgage rates peaked at 6.7% last summer.
In an interview with the New York Times, Orawin Velz, vice president for economic forecasting of the Mortgage Bankers Association, said: “Since the Fed announced they would buy mortgage-backed securities, we have seen a pretty healthy increase in refinance applications, while purchase applications have trended up, but not as significantly.”
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Price: £8,515
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HIGH YIELD INVESTMENT PROPERTY, Mortgage offered with a $13,625 Down payment, on this property, income producing investment property, Multi Family Home with two apartments fully let and income producing Full Purchase & Management Service PROVIDED
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