Loans Expert

Rates for 30-year home loans rose above the 5% threshold for the first time in three weeks, but remained near historically low levels.
The average rate on a 30-year fixed rate mortgage was 5.05% this week, up from 4.93% a week earlier, mortgage finance company Freddie Mac said Thursday.

Rates had dropped to a record low of 4.71% in December, pushed down by an aggressive government campaign to reduce consumers’ borrowing costs.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.

Rates for 30-year home loans edged lower for the second straight week, a report said Thursday, but remained above last year’s record lows.

The average rate on a 30-year fixed rate mortgage was 4.93 percent this week, down from 4.97 percent a week earlier, mortgage finance company Freddie Mac said.

Rates dropped to a record low of 4.71 percent in early December, pushed down by an aggressive government campaign to reduce consumers’ borrowing costs.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.

Bangalore-based public sector bank, Canara Bank, has announced reduction in its lending rates for housing loans by 75 basis points disbursed after November 10, 2008. The reduction in the rates is applicable to housing loans linked to the BPLR.

According to a bank release, the bank will now charge 9.50 per cent interest on loans upto Rs 30 lakh for a repayment period of 5 years, 9.75 per cent for loans of 10 years and 10 per cent for loans upto 25 years.

Sofia. Consumer debt interest rates reached record-breaking highs after a series of increases over the last couple of months.
The annual expense rate of some consumer financing offers in BGN goes beyond 20% a year, moitepari.bg reports.

According to the online edition no income statement loans are the priciest at the moment accruing between 17.45% and 21%. Well, add to this different fees and commissions accompanying borrowing and servicing procedures and you end up with annual cost between 21.5% and 26.7%. Some banks have eve taken such loans out of their portfolios on grounds they were too risky to handle.