Countrywide’s mortgage rates down

It has been announced by Countrywide that the average interest rate of its top ten deals saw a drop to 4.37% in May, which is the lowest since the last month of 2009.

Countrywide's average interest rates were decreased to 0.2% in April 2010, while a year ago, when average rates constituted 5.33%, they were 0.96% down.

The recent figures has revealed that since January 2010 up to this day the number of applications has increased by 4% on the same period last year.

However, the number of applications is down 8% this month in comparison with that of April. In spite of this, the number of new mortgage deals has increased 172% a year ago and were up 8.8% in May compared to April.

Countrywide informed that fixed rate mortgages constituted 65% of all new applications in May, which is 5% up from April 2010. Moreover, the number of buy-to-let and remortgage applications also experienced an increase of 3% and 4% respectively.

Finally, tracker mortgages constituted slightly more than a third of all mortgage applications in May 2010 compared to only 3% in May 2009.

Grenville Turner, CEO of the Countrywide Group, assumes that the next few months will be more telling. Of course, application volumes have not reached pre-recession levels, but they are gradually improving. He finds it encouraging that some loan providers continue to reduce their interest rates, which help the increasing number of homeowners enter the housing market.
 


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