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| Thursday 25 February 2010 |
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A mortgage rate of around 4% in the fourth quarter of 2009
By posting, this Tuesday, January 26, 2010, its latest study on mortgage rates, the Housing Credit Monitoring / CSA in turn gives us a barometer to the air balance.
Although lower mortgage rates seems to have, according to the Observatory, "stalled at the end of the year 2009, but has allowed them to stabilize at around 4%. On the whole fourth quarter, the average rate charged by banks for a loan for housing amounted to 3.79%. While it now seems to gradually dry up (the average rate rising very slightly to +0.03% from November and December), the backward movement adopted by the credit rate is nevertheless important. Since the fall of 2008 and the first manifestation of a significant decline, interest rates showed a decline of 136 basis points. In the opinion of the Observatory, "credit conditions are therefore excellent.
Like many real estate professionals (realtors in mind), the Centre headed by economist Michael Mouillart sees this level of rates still relatively low precursor to a gradual recovery in the housing market, a market yet still appear quite sluggish. The authors of the study, if the crisis seems to loom on the horizon, the economic downturn which is now facing the prospective owners' crippling demand. "
In 2008, the average duration of a mortgage had consistently declined nearly 8 months (even after increasing in 2007), a trend which largely confirmed throughout 2009. "In one year, the average durations fell about 5 months (to bring to 212 months)," said the observatory.
As for predictions, Michel Mouillart states for this study that "currently, the rates do not go back and [that] they should remain at that level until the spring"
(Source: www.diagnostic-expertise.com) |
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