US Mortgage rates keep falling

July 22nd, 2011 - 1:02 am ICT by Aishwarya Bhatt  

Washington, July 21 (THAINDIAN NEWS) The US mortgage rates remained relatively low with the 30-year fixed loan going for 4.52% on Thursday. According to the industry player Freddie Mac, the rate is slightly higher than that of the previous week. Last week, 30-year fixed rate was at 4.51%.

The rate for 15-year fixed rate was 3.66%. The value is slightly higher than last week’s rate which was 3.65%. Mortgage rates has gone down considerably in the United States. The 30-year fixed loan hit a year-low last month when the rate was 4.49%.

Last week’s rate of 3.65% for the 15-year loan was the lowest for this year. Analysts are worried that Americans cannot fully take advantage of the low rates because the banks have tightened their lending rules. Again initial payments have been raised by some of the lending banks making the loans inaccessible to millions of Americans.

That is the least that the US economy currently needs. The country is in the real danger of defaulting on its debt obligation for the first time in history. Lawmakers at Congress and the White House have failed to reach a deal that will allow the country to raise its debt limit past the $14.3 trillion mark.

US debt is expected to reach the limit in less than 2 weeks.

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