Records for mortgage rates date back to the 1950s. The average on the 15-year fixed mortgage ticked down to 3.16 percent. That's down from a record 3.21 percent three weeks ago.
Mortgage rates are lower because they track the yield on the 10-year Treasury note, which fell below 2 percent. They could fall even lower this year if the Fed launches another round of bond purchases, as some economists expect. Average fixed mortgage rates hovered around 4 percent at the end of 2011. Yet many Americans either can't take advantage of the rates or have already done so
The Halifax's latest mortgage rate predictions for 2012, are that house prices are likely to remain unchanged. The bank says the low Bank of England base rate and favourable affordability conditions will support the housing market.
The bank suggests that market conditions, which have seen house prices and house sales stabilise during 2011, are likely to continue into 2012. However, this very much depends on the economy's performance over the next 12 months, which in turn depends on the Eurozone.
Halifax's housing economist, Martin Ellis has released his mortgage rate predictions for 2012. He predicts that as long as rates stay low, the market will be favourable for those who already have a mortgage and those who are able to raise the required deposit. He also is predicting that the favourable affordability position will help to keep down the numbers of homeowners forced to sell their properties because they cannot keep up with their mortgage payments.
According to the Council of Mortgage Lenders, gross mortgage lending in November totalled an estimated £13.0 billion, with the monthly figure showing its fourth consecutive year-on-year rise.
This is 5 per cent higher than in October, and 13 per cent higher than in November 2010. CML's mortgage rate predictions for 2012 are for £133 billion of gross lending and £5 billion of net lending. However, with so much economic uncertainty at present, this is subject to considerable variation in either direction. For the latest updates on the stock market, visit Stock Market Today
mortgage rate predictions for 2012, Average fixed mortgage rates 2012, Mortgage applications 2012, five-year adjustable loans 2012, average fee on the 5-year adjustable loan 2012, one-year adjustable-rate loan 2012 For the latest updates PRESS CTR + D or visit Stock Market news Today
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