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Good News or Green Shoots
The beleaguered UK housing market received a shot in the arm with news from both sides of the Atlantic.
In the UK Nationwide revealed that they were reducing the cost of borrowing for Fixed Rate and Tracker deals by up to almost 0.5%. The reduction has been made possible according to Nationwide by a reduction in the mortgage swap rates.
The move follows reductions already made by other lenders for as C&G and Abbey.
In the US fears over the potential collapse of mortgage leviathans Fannie Mae & Freddie Mac have been eased as the US Federal reserve have confirmed that they are in “no danger of failing”
The two companies hold or guarantee in excess of $5 trillion in mortgages and the lifeline from the Fed in the form of emergency loans will have implications in the US and UK economies.
