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The Surprising Truth About Mortgage Rates Nobody Tells You

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Long-term mortgage rates in the United States experienced an increase in December 2024, surpassing the levels recorded at the end of 2023, as reported by the largest U.S. mortgage agency, Freddie Mac. According to the government mortgage corporation, the average rate on thirty-year loans in the last week of the year was 6.85% per annum, compared to 6.72% the previous week. In contrast, the rate stood at 6.61% in 2023. Additionally, fifteen-year loans are currently offered at an average of 6% per annum, up from 5.92% a week earlier and 5.93% a year ago. A potential new mortgage crisis may emerge in the U.S., driven by rising inflation and escalating mortgage rates. One indicator of the real estate market's health is the level of mortgage arrears, often analyzed in relation to a state's GDP. Countries with highly developed economies, where housing loans are more accessible, tend to have higher indebtedness. Experts indicate that the mortgage crisis of 2008 originated in the U.S., and new global challenges could similarly arise from this nation. Should a mortgage "bubble" burst in a developed country, it could trigger a domino effect, impacting other nations as total delinquency across all loan types continues to rise each month.
Category
ICELAND
Tags
Bloomberg, Federal Housing Administration, Federal National Mortgage Association
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