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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





19 August 2019

Low mortgage rates trend is expanding at the global market

The global trend towards zero or negative interest rates has reached another level with Denmark practically paying homebuyers for getting 10-year mortgages.

Jyske Bank A/S, Denmark’s third-largest lender, offers now a mortgage rate of -0.5%, while Nordea Bank Abp provides 30-year mortgages at 0.5%, and 20-year loans at zero at all.

Many years of rate cuts by central banks have changed the traditional scheme of lending and borrowing. It’s more vivid in Europe, where a composite mortgage rate across the euro area was down to 1.65% in June, marking the lowest level since records started in 2000.

Although certain areas didn’t follow the tendency, borrowing costs are at or near historically lowest level in many major world markets. It has led to a stronger demand from homebuyers and caused tight competition among lenders.

Here’s what happens with the rates in the world:

U.S.

The average 30-year mortgage rate here reached 3.6%, which is the lowest number since November 2016. A higher demand for properties has led to a total mortgage debt of US$9.41 trillion in the second quarter of this year, outpacing the previous peak of the 2008 financial crisis. In addition to it, mortgage brokers also strive to satisfy the demand for refinancing, as the number of applications is at the highest level in 3 years.

France

According to the Bank of France, the average mortgage rate was 1.39% in June.

Germany

Here, mortgage rates are also at the historic lows in 2019, as the average 10-year loan is 1%. Moreover, certain lender can offer you even a 0.5% rate, Interhyp says.

U.K.

In the U.K., mortgage rates remained almost flat, in spite of the decline in overall borrowing costs caused by a more pessimistic economic picture. A two-year fixed mortgage rate was down by only 0.08% from January to July, while the two-years swaps fell by 0.38% during the same period.

Greece

Meanwhile, Greece saw rate hikes amid sovereign and corporate debts. The average variable rate here was up by 0.11% annually to 3.08% in June.

A large number of soured loans at Greek banks means they are very suspicious now when it comes to providing new loans, even if they are backed up by real estate.

Japan

The policy of negative rates which the Bank of Japan has been showing, supports the housing affordability. You can get a 10-year fixed-rate mortgage at 0.65% on average, while Sumitomo Mitsui Trust Bank offers loans at 0.53%.

As a result, Japan saw an increase in home sales and prices in the larger cities, following years of decreases after the market bubble burst in 1991.

Australia

Australian mortgage rates were down by 0.40% after the central bank’s several rate cuts in June and July. Now, the average variable rate at the big four banks is 4.94%.

Mortgage rate drops combined with an easing of lending rules and the unexpected re-election of the center-right government have led to a higher activity at the national real estate market. After two years of declines, home prices in Sydney have been growing during the previous two months.

 

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