It is a subject which splits opinion on a daily, weekly and monthly basis – the housing market. The sector is pored over in minute detail, with many lenders, bodies and other organisations publishing figures at the end of each month, detailing average house prices, annual changes, monthly changes, regional breakdowns, discrepancies between asking and selling prices, and so on.

Data released recently by the Royal Institution of Chartered Surveyors (RICS) says that house prices are showing their most pronounced rise for more than two years. This, in part, has been caused by a lack of supply, but should not take away from the fact that the proportion of surveyors reporting price increases is at its highest point since May 2007 – well before the outset of the credit crisis.

It is difficult to ascertain just how accurate or reliable these surveys – and there are a great many – actually are. Most are released by groups or organisations that have a vested interest in the value of property going up. One of the more reliable reports comes from the Land Registry, which bases its figures on the prices houses are actually sold for, not what they are deemed to be worth by the owners or agents. After all, a house is only worth what somebody is willing to pay for it.

That being said, there does seem to be evidence that an appetite for entering the housing market is returning. Reporting its figures for September, the National Association of Estate Agents said that the average number of house hunters registered at its agents had jumped from 238 to 294 in the month. Furthermore, a survey has found that it is cheaper to buy a home in the UK than it is to rent in all regions apart from London, although this assumes that first time buyers have sizeable deposits in place.

What is certain is that at the end of September, there were more mortgage products to choose from than there have been for almost a year, with a shade over 1,400 on the market. There are still just a handful of products that offer buyers a loan worth the total value of the property, or even 95 per cent, but the 90 per cent loan-to-value market is now comprised of more than 100 products, which has not been the case for most of 2009.

A number of new trackers have also been launched by providers and, with some predicting that the base rate of interest will remain low for some years to come, the more daring of potential homeowners have a number of competitive deals to choose from.

There is still some way to go before the housing market can be considered in good health, but a number of providers have decreased their rates lately as well as launching new products that look competitive. Those who had given up designs on owning their own homes could do worse than giving the mortgage best buys a cursory glance once more.

Moneyfacts.co.uk is the leading independent financial information provider in the UK. Since 1988, we’ve been providing impartial information to financial services professionals which has helped thousands of customers get the best deal on their mortgages, savings accounts, credit cards, loans and other personal finance products.

www.moneyfacts.co.uk Limited is authorised and regulated by the Financial Services Authority (FSA).

Article Source:http://www.articlesbase.com/mortgage-articles/a-stirring-mortgage-market-1367846.html

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Could potential homebuyers finally be getting a relief from this tough Real Estate Market? For the first time since May, mortgage rates sank below 5 percent, according to Freddie Mac.  At least for the borrowers who have come out of this recession with 20 percent down and a solid credit rating.  The average rate on a 30-year fixed-rate mortgage ending during the week of October 1, 2009, was 4.94 percent down from last week when it averaged 5.04 percent. The borrower would then only have to pay 0.7 percent of the loan amount upfront.

The 15-year fixed rate mortgage averaged 4.36 percent with an average 0.6 point, this week, down from last week when it averaged 4.46 percent. A year ago at this time, the 15-year fixed rate mortgage averaged 5.78 percent. This is the lowest the 15-year fixed rate mortgage has been since Freddie Mac started tracking it in 1991.

Adjustable Rate Mortgages are also at an all time low, averaging 4.42 percent this week, with an average 0.6 point, down from last week when it averaged 4.51 percent. A year ago, the 5-year adjustable rate mortgage averaged 6.00 percent.

The all time low for the Freddie Mac survey, began in 1971, and was recorded in April.  It showed a 30-year fixed rate for a solid borrower at 4.78 percent with 0.7 percent in lenders fees.  Last year at this time, 30-year fixed loans were at an average of more than 6 percent.  Even 15-year fixed loans were at 5.78 percent.  Freddie Mac released in a survey on October 1, that  15-year fixed loans are averaging 4.36 percent and 0.6 percent in points, an all time low. 

Frank Nothaft, Chief economist for Freddie Mac noted that although existing home sales fell in August, it was still one of the strongest showings in 23 months.  “Low mortgage rates are helping stabilize home sales,” says Nothaft.  In July, house prices increased for the second month in a row, after adjusting for seasonality.  Increases were more broad-based in July with the prices of houses rising in 17 of the metropolitan areas, compared to 16 of the areas in June.  In August, new home sales skyrocketed to the highest pace since September 2008.  The inventory of unsold houses fell to the lowest level since February 1983.

You are probably asking why the rates are so low.  You can thank the Federal Reserve for that.  The Federal Reserve is planning on buying $1.2 trillion in mortgage bonds, given out by Freddie Mac and other government-controlled entities. 

Yanni Raz is a mentor for many in the Real Estate Mortgage industry, Yanni Raz is been tutoring many homeowners in California and help some also to save their homes. http://www.homesinsale.com

Article Source:http://www.articlesbase.com/mortgage-articles/mortgage-rates-nearing-an-all-time-low-1330446.html

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