Report Shows a Minor Alteration in Rates of Mortgage
As per recent reports, it has been revealed that there was a minor alteration in the mortgage rates. The borrowings costs were reported to be near to the record lows as a result of hike in the prices of homes in major US cities.
In a statement, Freddie Mac, stated that there was an increase in the average rate for a 30-year fixed finance accounting for 3.4% by the end of the week from 3.39%. While on the other hand, statement given by McLean, Virginia- based mortgage-finance company, there was a decline in the average 15-year rate, falling from 2.7% to 2.69%.
On one hand, where the lowering of the interest rates are making real estate reasonable, a rise in the demand is boosting the values of the real estate.
Report released by the National Association of Realtors yesterday, stated that there has been an increase in the prices of single-family homes in 120 out of 149 U. S. metropolitan areas during the third-quarter.
While being interviewed on phone, Keith Gumbinger, Vice President of New Jersey-based mortgage-information website, said, "There is absolutely a direct relationship between falling interest rates and rising prices. More borrowers can come out and participate in markets that would have been considered too expensive for them".
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