Assetz® News » HOME | RSS Feed FEED | LIST ALL ARTICLES | ASSETZ HOMEPAGE
Investment Property News from Assetz

Assetz® Property News Service

US mortgage rates at record low

27th August 2010 | back to article listings BACK    print this article PRINT

Average mortgage rates in the US have fallen to an all-time low amid the global downturn and fears over the domestic housing market.

The cost of a 30-year fixed-rate mortgage has dipped to 4.36% from 4.42% last week. The US mortgage market, like those in mainland Europe, is dominated by full-term fixed mortgages, unlike the UK where short-term tracker deals are more popular.

The US government-backed mortgage lender, Freddie Mac, which came close to failing in the credit crunch and was bailed out, said the new rate is the lowest rate since records began in 1971, with mortgage rates falling for nine out of the past 10 weeks.

The US housing market has failed to recover significantly from the subprime housing crisis which led to the global credit crunch, and fears over an oversupply of homes and falling prices are destabilising the property market and wider stock markets.

Deputy chief executive of Freddie Mac, Amy Crews Cutts, said: "Existing home sales plunged 27% in July, while new homes fell 12% to a new all-time record low, which led to some market concerns that the housing market may slow the economic recovery."

Copyright © Press Association 2010

Assetz® is a UK and International Property Investment Specialist. Please visit our property sites shown below.

Assetz for Investors UK Assetz Hotels Assetz Homes Assetz International Assetz France Assetz Spain Assetz Cyprus Assetz Germany Assetz Portugal Assetz Ski Assetz Cape Verde Assetz USA Assetz Finance Assetz Fund Management

Accessing the news service

You can view all of the Assetz® UK, International and UK Property Investment Articles and News here.

We also provide an RSS Feed Feed of the news service, or you can view all articles. Click here to view more information on RSS readers and how they make reading online news more convenient.

eXTReMe Tracker