20 Minutes.
After reaching a historical low in the third quarter of 2016, rates started rising in the fourth quarter. Rate increases hit mortgage tenors of five and ten years.
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Compared to Q3, fixed mortgage rates on loans of ten years went up an average 0.2% to 1.62% according to price comparison website Comparis.ch. Five year fixed rate loans went up from 1.08% to 1.14%. While loans with a term of one year remained stable at around 1%.
Mortgage rates remain low, however the direction of rates may have changed. In Q3 2016, five year fixed rates fell 0.06% and ten year rates by 0.02%.
Rates have been inching up since the election of Donald Trump as the next US president. An interest rate rise by US Federal Reserve late last year has had a global knock on effect. According to 20 Minutes, a number of market commentators see rates stabilising. Comparis.ch says a strong rise is unlikely.
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Tags: Editor's Choice,newslettersent,Personal finance,Property
