American mortgage rates have increased for the first time in nearly 2 months, rising from the lows that have helped to keep the property market stable.Recently average rates have been at record lows of 3.49% for a 30 year fixed mortgage, but have just climbed up to 3.55%. While the average 15 year rates have increased from 2.8% to 2.83%, a small increase, but an increase nonetheless!
The slowly recovering property market can be partially attributed to a reduced number of available houses and lower borrowing costs. The S&P/Case-Shiller index of prices in 20 U.S. cities decreased 0.7 percent in the 12 months through May, the smallest decline since September 2010.
“House prices have turned the corner,” Sal Guatieri has said, senior economist at BMO Capital Markets in Toronto “The record-low mortgage rates are supporting the best affordability in at least four decades.”
An index of applications for refinancing climbed 0.8 percent in the week ended July 27, the Washington-based Mortgage Bankers Association said yesterday. The group’s purchase gauge dropped 2.3 percent.
If this marks the start of a climb in the housing market of America, then now would be a fantastic time to get involved. If you are interested in the American property market, buying a house in the USA or taking out a US mortgage, then get in touch with Conti -Mortgages Overseas either by exploring our website (www.mortgagesoverseas.com) or via telephon 08009700985