The home mortgage rates marginally increased as high as the mortgage lending market has "fully recovered" from the housing crisis, based on the top credit card company.
Housing Wire reports that the Bureau of Labor Statistics cites the increase of 211,000 jobs in November.
In which, according to Sean Becketti, chief economist for Freddie Mac, it marked the 3.95% basis points for a 30-year mortgage with an average of 0.6 points for the Dec. 10 week ending.
On Freddie Mac's weekly survey, it showed the home loan rate averaged was 3.93% a year ago. For 15-year fixed rates with an average of 3.19% and another average of 0.5 points. In 2014, the price was 3.20% for the 15-year term.
The 5-year adjustable-rate mortgages have an average of 3.03% with an average 0.5 point. The same ARM averaged 2.98% last year.
In the year 2008, the financial and housing crisis started which caused several bad mortgages. Recently, the leading credit card company evaluated the credit status of the U.S. which said it was approaching a "full recovery".
In a report, TransUnion Vice President of research and consulting, Ezra Becker said, "Our forecast highlights that we are no longer in recovery - we have recovered from the Great Recession," She also added that the mortgage and credit card markets are in the good performance with client participation and fewer delinquency rates.
The "normal" domestic loan delinquency rate according to TransUnion drops to 1.5-2% and projected to be 2 .06% following the 60-day delinquency rate on the year end of 2016. The current estimate can be compared to 6.89% down rate in the year 2009.
The figures manifest progress as shown in the report which can be credited to increase of home prices, employment, and continuous foreclosure of "bad mortgage loans."
As a result of higher home prices, the regular bank loan per borrower increased in the past years. In which, according to the executive vice president of TransUnion, Steve Chaouki, "This is a clear indicator that housing prices are recovering and consumers are gaining access to more mortgage loans," he said.
In addition to that, Mortgage Bankers Association Weekly report said there was a growth of 1.2% home loan performance from one week earlier.
Home loan applications made a total of 29% growth from December of 2014.
