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U.S. mortgage interest rate on the decline; 30-year-old at 4.56 per cent
ASHINGTON (AP) - US long-term mortgage interest dropped this weekend, crashing a continuous rise that brought it to its highest level in seven years. This was the first fall in long-term lending interest for four consecutive weekly periods during the main home purchase seasons. Hypothecary purchaser Freddie Mac said Thursday, the median rate on 30-year, fixed-rate mortgages was 4.56 per cent, down from 4.66 per cent last week. 4.66 per cent.
Since May 2011, the reference interest rate has been at its highest level. On the other hand, the 30-year rate a year ago was 3.94 per cent on one year. Mean interest rate for 15-year fixed-rate borrowings fell to 4.06 per cent, down from 4.15 per cent last weekend. This put pressure on bond returns, and mortgage interest followed.
10-year government yields fell Wednesday to 2.78 per cent, the smallest since early April and the largest one-day fall since 24 June 2016, the date after the UK approved the withdrawal from the European Union. On Thursday mornings, the return on the benchmark issue rallied to 2.84 per cent. Consumer sentiment seemed to shake off the recent peaks in mortgage interest as home loan requests increased further year-on-year, noted Sam Khater, Freddie Mac's head of the economy.
In order to determine mortgage interest rate averages, Freddie Mac interviews creditors across the nation between Monday and Wednesday per Week. Averages do not involve additional charges, known as points, which most borrower have to owe to get the cheapest interest. Charges for 30-year and 15-year fixed mortgage loans both remained at 0.4 per cent.
A five-year floating rate mortgage rate averaged 3.80 per cent, down from 3.87 per cent last weekend. Fees stayed at 0.3 per cent.
The mortgage interest rate is rising (and now the US housing markets are beginning to fall).
Sigurdson speaks with writer and business strategist John Sneisen about continuing broad-based support for US residential bubble support as mortgage interest levels reached a four-month high. While we have seen the recovery of secured indebtedness in the past, not to speak of credits defaults swaps, mortgage-backed securities, reversal mortgage loans, sub-prime loans, we are seeing it reaching its unavoidable climax, as we saw in 2007 and 2008.
This 30-year fixed-rate mortgage rose by 5 base points to 4.65% in the September 20 price wave. A 15-year fixed-rate mortgage averaging 4.11% also rose by 5bps. On average, the 5 year Treasury induced variable rate mortgage decreased by 3.92% from 3.93%. Those interest levels seem to be moving in the same direction as the treasuries yields we have seen in recent month in jeopardy.
Combine all this with the prevailing state of the markets, and that is very disturbing. Let us recall that in the eighties interest levels rose much higher, but we have not seen such a large combined amount of debts and cash throw into everything. It'?s a bladder of derivates with several quadrillions of bucks. By 2050, a huge bond balloon will reach 400 trillion US dollar.
It'?s a solid car bladder. It is a huge equity bull that is being halted by speculations and investors' trust without any real underlying value. It is unavoidable, but the timing of the collision is completely unforeseeable.