Mortgages becoming more readily available

According to research which has been released by the National Association of Realtors, property sales in the US rose by more than 10% during the month of April when compared to figures from the previous year, and in some areas showed growth of as much as 13% in what is being hailed as a sign that the property industry is starting its long road to recovery.

In addition to this the average house price also rose across half of American cities during the first quarter of 2012, with experts starting to predict that the worst of the housing slump could now be over. Buyers are being tempted back into the market by lower mortgage rates and increasing job prospects, adding to people’s general sense of security.

Property has now become more affordable for those people who are applying for a mortgage, with the average rates available on 15- and 30-year mortgages at an all time low. On average the rate for a 30-year mortgage was reported to be around 3.66% according to a survey recently released by Freddie Mac, which is a dramatic drop when compared to the 4.5% average that was available at the same time last year.

The mortgage market has changed over the last few years across the whole country, and those people who have a healthy deposit to offer are finding that they are able to get finance despite reports that banks are refusing to lend. While there are some areas where buying foreclosed properties is proving difficult, the markets in Colorado, California, Florida, Texas and Manhattan are proving strong and people are able to obtain mortgages to enable them to purchase properties.