According to Zillow, 30-year fixed
mortgage rates hovered between 4.38 and 4.42 percent for the majority of last week, while Bankrate had them at 4.64 percent.
Westpac has the highest standard variable
mortgage rate among the big four banks in Australia.
While a low
mortgage rate would appear to benefit the economy by allowing homeowners to pay less each month and potentially entice new buyers, extremely strict approval standards mean that the bulk of Americans can't take advantage of low rates.
Total Mortgage Services, LLC, a provider of some of the lowest
mortgage rates, is an industry-leading direct-to consumer and wholesale mortgage lender.
Moreover, the evidence presented here also suggests that a more direct method of subsidizing potential homeowners would have a larger effect on homeownership (while using the same amount of resources) than the reductions in
mortgage rates attributed to Fannie Mae and Freddie Mac.
It added that around 500,000 borrowers were on the standard variable
mortgage rate, or one linked to it, and could potentially be affected by the decision.
First Direct said it was cutting its smart
mortgage rate by the full 0.5pc to 4.75pc with immediate effect.
The move brings the Halifax variable
mortgage rate down to 6.85 per cent.
Patrick Bunton of independent mortgage brokers London & Country says: "It was only six years ago, half-way through the Tories' third term in office, that
mortgage rates reached 15.5 per cent.
After falling for three weeks in a row,
mortgage rates reversed course and posted modest increases.
Total Mortgage, which offers some of the lowest
mortgage rates on jumbo loans, FHA-insured mortgages, 30-year fixed-rate mortgages, and adjustable-rate mortgages through its retail and wholesale channels, is licensed in California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Massachusetts, Maryland, Maine, Michigan, Mississippi, New Jersey, New York, New Hampshire, North Carolina, Ohio Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont and Virginia, West Virginia and the District of Columbia.
Barclays, The Woolwich, Standard Life Bank, Intelligent Finance, Northern Rock, The Royal Bank of Scotland, Citibank and Virgin One all also announced reductions in their
mortgage rates.
