AARP - Finance
The UK has reduced its Interest rate to 1.0% as expected but this is a twin bladed sword because saving rates have also reduced which effect many retired people.
There is also a glimmer of hope in the UK housing market based on a recent survey, it seems that houses prices have reached a level where first time buyers are prepared to enter the market, provided they can obtain loans to borrow between 3-4 times their income. At the moment it looks like the housing market will improve ahead of the USA, where investors are still looking for the market to fall by a further 20% or more mortgage rates are rising
Last week, when the average 30-year fixed mortgage rate was 5.48%, a $200,000 loan would have carried a monthly payment of $1,133.07, according to Bankrate.com. With the average rate now 5.70%, the monthly payment for the same size loan would be $1,160.80, a difference of nearly $28 per month.
In the USA the senates debate on the economic stimulus plan is due to conclude on Friday morning and it is expected that the funding requirement will be reduced to help the budget deficit.
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