Falling mortgage rates
Lower availability of mortgages may have hampered the housing market on both sides of the Atlantic, but reductions in the cost of both mortgages and property could re-ignite interest in buying a home, experts say.
In the US, ‘existing-home sales’ recently increased unexpectedly by 6.5%, according to the National Association of Realtors (NAR), taking the seasonally adjusted annual rate from 4.45 million in November to 4.74 million in December.
“It appears some buyers are taking advantage of much lower home prices,” stated Lawrence Yun, NAR chief economist, while NAR President Charles McMillan said “With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction costs in much of the country, buyers who’ve been on the fence should take a closer look at today’s market.”
More information on mortgage rates can be found here.
