American Mortgage rates increase for the first time in almost 2 months

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

Tom Cruise’s house hunt is proving to be mission impossible!

Tom Cruise has been reported to be house hunting after his recently announced split from his wife, Katie Holmes. However his attempt at trying to quietly find a new home are proving to be a rather impossible mission.

Last week, the New York Post reported that the actor had looked into an 11-acre estate in Rockland Country.

"Staff at the home were told to vacate the premises quickly", adds the Post, as Cruise appeared with six year old daughter Suri to look at the unlisted property.

The mansion, which spans 13,500 square feet and is situated on the waterfront, is estimated to cost $13.5 million. His new neighbours would include the likes of Al Pacino and Mikhail Baryshnikov.

The news follows reports that Katie Holmes had rented an apartment in New York City in advance of the couple's divorce.

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Oprah loses £1.8 million on Sale of luxury Chicago apartment

Talk-show legend Oprah Winfrey has sold her luxury apartment in Chicago for under half the price she bought it for in 2006

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The television presenter brought the luxurious property in the city's swanky Streeterville neighbourhood for £3.57 million ($5.6million) in 2006.  On her first attempt at selling the property, she put it on the market in 2008 for £3.82 million ($6 million) though it failed to attract a buyer.

According to the Chicago Tribune, this forced Winfrey to lower the asking price in May 2012 by around £1.8 million ($2.8million) and the sale was finalised in July.

The apartment  consisted of a wine room, a formal dining room, a butler's pantry, a 24/7 doorman, and even a solarium as well as its own library. Despite the sheer luxury of the property, Oprah never actually lived there herself as it is reported that ‘that she felt this property was too overlooked and had concerns about privacy.’  

The star also owns a number of other homes including a farmhouse in Kula, Hawaii, a holiday home in Antigua, a property by the shore in Lavallette, New Jersey, a ski chalet in Telluride, Colorado, and a home in Douglasville, Georgia.

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