Getty Images Mortgage costs are rising – with the average rate on a two-year fixed deal now at 5.5% – despite a recent cut in interest rates. A string of lenders, including Barclays, HSBC, NatWest and Nationwide, have increased the rates charged on new fixed deals in recent days. That has created a headache for borrowers hoping costs were on a consistent downward trend, especially in light of the Bank
Australia’s largest bank reported a flat first-quarter profit after increasing mortgage lending at a faster pace than the overall industry. Source link
President-elect Donald Trump’s victory spurred a rise in in the U.S. 10-year Treasury yield. Mortgage rates, which loosely follow the benchmark yield, are also climbing. The average rate on the 30-year fixed mortgage surged 9 basis points Wednesday to 7.13%, according to Mortgage News Daily. That is the highest rate since July 1 of this year, though not quite the surge some had expected. “The expectation among bond traders coming
Article content Bank of Canada deputy governor Carolyn Rogers is cautioning policymakers against “tinkering” with the mortgage market in an effort to improve housing affordability, warning that over-reliance on such measures could have long-term negative impacts. Recently, the federal government introduced new mortgage rules, including expanding 30-year amortizations to all first-time homebuyers and to all buyers of new builds, effective next month. It also raised the $1-million price cap for
