Mortgage Rates Lower in US, Higher in China
Mortgage rates and housing prices are on a steady decline making home purchases more enticing. Lower monthly mortgage payments may draw renters to home buying over the later months of this year. Increasing foreclosures are one of the main reasons asking prices are being lowered by sellers. Analysts are expecting more improvement in the housing market recovery around mid 2012.
Mortgage
Steady drops in mortgage rates in the US could spur a turn-around in the housing market as housing becomes more affordable. With stricter mortgage qualifications, those that cannot support mortgage may not find as much success in securing home loans as they might have in the past. This should create a more sound housing market.
China
As expected, China’s mortgage rates are on the rise to strengthen Chinese banks. China is also building protections against what the US is currently experiencing in their housing market. Chinese banks are extending less credit which is seen as a means to tighten mortgage restrictions and increase mortgage rates.
http://www.adi-news.com/mortgage-rates-lower-in-us-higher-in-china/211510/