THE average two-year fixed mortgage rate has fallen for the first time in a year to 2.49 per cent. This is the first times average rates have dropped since their record low of 2.20 per cent in October 2017. It means now could be the time to remortgage, to lock in low rates. This is especially true for anyone sitting on a standard variable rate mortgage - where the average interest rate has reached 4.89 per cent. Charlotte Nelson, finance expert at comparison service Moneyfacts, said: "[This is] the first time the Moneyfacts UK Mortgage Trends Treasury Report has recorded a reduction to the average mortgage rate since the November 2017 base rate rise. "Many would have assumed that the average rate would have increased in the aftermath of the base rate rise this August, however the opposite seems to be the case. "Providers have started to reignite competition in the market to attract remortgage customers and retain their mortgage books." Homeowners may wish to move fast, as … [Read more...] about Two-year mortgage deals fall for the first time in a year – is now the time to fix your mortgage?
20 year home mortgage rates
HOMEOWNERS face a possible mortgage rate rise if the Bank of England decides to raise the base rate another 0.25 per cent. Experts are predicting that another rise could be on the horizon, bringing the base rate up to 0.75 per cent from 0.5 per cent. This means that the 3.7million borrowers who are on variable and tracker mortgages could see their monthly bills go up as lenders look to pass on the costs. In fact, mortgage-holders could see their bills go up by as much as £264 if the rate does rise. The base rate is set by the Bank of England and used by banks and building societies as a guide to calculate interest rates but that don't have to follow it. Mark Carney, governor of the Bank of England, hinted in February that the base rate was likely to go up in May this year. What is the base rate?SIMPLY put, it’s the country’s official borrowing rate, and is the rate the Bank of England lends to all the other banks in the UKIt is incredibly important as it a … [Read more...] about What a Bank of England rate rise could mean for you and how it affects your savings and mortgages
Ulster Bank has introduced a 2.3pc two-year fixed rate, cut its seven-year rate and opened up its market-leading four-year rate to all borrowers. The reduced rates apply to new and existing customers. Mortgage rates here, particularly variable ones, are the highest in the eurozone, which was first exposed in this newspaper four years ago. Home-loan lending rates here are almost double those in the rest of the euro currency area. But a mortgage war over the past two years has seen lending costs in this country come down dramatically. Ulster Bank has now put it up to its rivals with the new 2.3pc two-year rate, which is available to all borrowers, irrespective of how much equity their have in their homes, or how big their mortgage deposit. Most low rates are restricted to those with low loan to values. The new two-year rate will mean a customer with a €300,000 mortgage over 20 years on a variable rate of 4.3pc will save €305 a month. Over a year this works out at a saving … [Read more...] about Ulster Bank ups ante over home loans with 2.3pc mortgage rate
Christopher Rugaber The Associated Press Published 3:40 p.m. UTC Jun 26, 2018 WASHINGTON — U.S. home prices rose in April from a year earlier, lifted by bidding wars in many cities where would-be buyers fought over a sparse supply of homes. The S&P CoreLogic Case-Shiller 20-city home price index moved up 6.6 percent from a year earlier, led by outsize gains in Seattle, Las Vegas and San Francisco. All three cities showed double-digit increases. Prices rose even as home sales fell and mortgage rates climbed. Sales of existing homes dropped in April and May and are now running 3 percent below their year-ago level. Fewer homes are available — the supply has fallen 6.1 percent in the past year — and they are selling quickly.The average house for sale remained on the market for just 26 days in April, down from 39 a year ago. Mortgage rates reached a seven-year high of 4.77 percent in late May before declining this month. Last week, the 30-year fixed … [Read more...] about US home prices march upward in April as buyers fight over low supply
Buying into the American dream of homeownership is getting pricier. A confluence of factors has made for a seller's market across much of the country, with buyers already sidelined by limited supply and lofty prices. But this week they're confronting another hike in borrowing costs. "Rising mortgage rates are further squeezing affordability for would-be homebuyers that are already frustrated by limited inventory of available homes and the higher home prices that have resulted," Greg McBride, chief financial analyst at Bankrate.com, said in emailed comments. The ability to afford a home is becoming a bigger hurdle as increases in property values outrun growth in income and as interest rates climb. The benchmark used in setting rates for loans including home mortgages is the 10-year Treasury note, and on Wednesday it held near seven-year highs, just a tick below 3.1 percent. That's hiking borrowing costs for consumers, businesses and the government. For those looking to purchase a home, … [Read more...] about Ready to buy a home? Lock in your mortgage rate now