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11/11/2008 News For:

Mortgage Rates Prime Rate

Interest-free mortgage possible ? if rates continue sharp falls  Some homeowners could be enjoying an interest-free mortgage next year if rates continue to fall steeply, it was disclosed yesterday. Cheltenham & Gloucester, which is part of Lloyds TSB, offered a two-year tracker mortgage of 1.01% below the Bank of England base rate in July and August 2007.

Mortgage lenders' small print ruse to block rate cuts   Banks may use the small print in mortgage contracts to prevent borrowers benefiting from future interest rate cuts by the Bank of England.

Mortgage lenders review rates   Lloyds TSB today said it would pass on the 1.5% cut in interest rates to borrowers with loans linked to its standard variable rate SVR, but customers of other lenders have been warned their rates may not be cut. The bank said it would reduce its SVR from 6.5% to 5% with effect from December 1, in a move that will benefit borrowers with mortgages from both the bank and its lending arm ...

Mortgage rates fall farther to 6.2 percent  Mortgage rates dropped last week, providing a dose of welcome news to prospective home buyers. Freddie Mac reported Thursday that rates on 30-year fixed-rate mortgages averaged 6.20 percent for the week ended Nov. 6. That was down sharply from 6.46 percent...

Credit card providers ignore base rate cut   While mortgage borrowers will have to wait and see if they stand to benefit from today's 1.5% cut in interest rates, credit card customers have been told not to expect repayments to fall. Although the Bank of England has slashed the base rate to 3%, consumers look set to continue to pay an average APR of more than five times that figure, according to financial data firm Moneyfacts. It ...

Banks cave in on home loan rates: Millions WILL benefit as mortgage giants are forced to pass on historic interest ...   Banking giants were shamed into slashing their mortgage rates yesterday following a direct order from the Prime Minister.

Why banks are boosting credit card interest rates and fees  In recent years, banks have sharply raised interest rates and penalty fees on credit cards. As the economy tanks and banks' mortgage-related losses balloon, some banks are stepping up such increases to boost revenue. Bearing the brunt are consumers for whom a jump in rates and fees can make it tougher to pay their bills at a time when household budgets already are being stretched.

U.K. Banks Remain Hesitant to Lower Mortgage Rates, Stoking Bets For Additional Rate Cuts by the BoE  Yesterday's 150 bp BoE rate cut was followed by a withdrawal of most tracker mortgage deals from the market.

Rates may see no-interest mortgages  Some homeowners could be enjoying an interest-free mortgage next year if interest rates continue to fall steeply, it has been disclosed. Cheltenham & Gloucester, which is part of Lloyds TSB, offered a two-year tracker mortgage of 1.01% below the Bank of England base rate in July and August 2007.

Citigroup Plans to Ease Mortgage Terms for At-Risk Borrowers  Citigroup plans to announce today that it is launching a mortgage-modification program for 500,000 at-risk borrowers in regions facing rising unemployment rates and steep declines in home values.