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Fixed mortgage rates remain near record low
Date:-07-Sep-2011
Mortgage lending conditions may have toughened in recent years, but those people who qualify for a home loan can currently enjoy some of the lowest mortgage borrowing rates ever, acting as an even greater incentive to invest in U.S. properties, while prices remain low.
With the USA property market showing some signs of recovery, prices are starting to recover in parts of the country, which is attracting a growing number of domestic and international property investors to the States.
While many purchasers are buying homes in cash, others, who qualify, are simply looking to use the bank’s money to make money, by using less of their own cash and taking advantage of historically low mortgage borrowing rates.
The average rate on the 30-year fixed mortgage is currently stood at 4.22%, only marginally higher than the 4.15% recorded two weeks ago, the lowest level on records dating to 1971, according to Freddie Mac.
The average rate on the 15-year fixed mortgage, a popular refinancing option, fell to just 3.39% from 3.44%, only slightly higher than the 3.36% rate reached two weeks ago, which economists believe is the lowest rate ever.
Although most investors prefer to borrow money through a mortgage to maximise their returns when investing in property, shrewd investors generally aim not to overstretch themselves and operate at a level of borrowing that they feel comfortable with.
