30 Nov '12, 11am

US mortgage rates show little change #PR

Home loan rates in the US remained virtually unchanged for the week ended 29 November, with borrowing costs hovering near historical lows as home prices recover from a six-year slump, reported Bloomberg . According to Freddie Mac, the average rate for 30-year fixed loans was at 3.32 percent, a slight increase from the record low of 3.31 percent, while the average rate for 15-year loans rose from 2.63 to 2.64 percent. The Mortgage Bankers Association’s (MBA) measure of purchase applications rose 2.6 percent for the week ended 23 November reaching the highest level this year, while the refinancing gauge fell 1.5 percent. The low rates are also boosting home purchases and prices are being driven up by a tightening supply of listings. Moreover, Standard & Poor’s/Case-Shiller index which tracks home prices in 20 US cities rose by three percent in September compared to the same ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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