2024-09-06 18:21:00
Mortgage rates are at their lowest level in almost two years, De Standaard reported on Friday evening. According to the Immotheker/Finotheker interest rate barometer, which compares thousands of loans granted in Belgium every day, the average rate for borrowing 250,000 euros over 20 years is 3.05%.
You have to go back to October 2022 to find such a low rate. The peak was reached in November last year, with an average rate of 3.73%. In concrete terms, this means that for the same amount borrowed, there are almost 15,000 euros less interest to pay with a loan taken out this year compared to one requested last year.
The drop in interest rates is due both to the decline in Belgium’s long-term bond rates and to increased competition between the country’s banks. According to the latest Eurostat data, Belgian banks offer some of the lowest mortgage rates in the Union.
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Table of Contents
Mortgage Rates Plummet to Lowest Level in Almost Two Years
As of September 6, 2024, mortgage rates have reached their lowest level in nearly two years, according to recent reports. In Belgium, the average rate for borrowing 250,000 euros over 20 years has dropped to 3.05%, a significant decline from the peak rate of 3.73% in November last year [[source]].
This drop in interest rates is attributed to the decline in Belgium’s long-term bond rates and increased competition between the country’s banks. According to the latest Eurostat data, Belgian banks offer some of the lowest mortgage rates in the European Union [[source]].
To put this into perspective, for the same amount borrowed, homeowners can expect to save almost 15,000 euros in interest payments with a loan taken out this year compared to one requested last year. This is a significant saving that can make a substantial difference in the overall cost of homeownership.
Current Mortgage Rates Forecast
In the United States, mortgage rates are also experiencing a decline. According to a recent forecast, mortgage rates are expected to continue their downward trend, with experts predicting rates to remain stable or decrease further in the coming months [[2]].
As of September 7, 2024, the current average 30-year fixed mortgage interest rate is 6.38%, remaining stable over the last week [[3]]. This is a significant drop from the highs seen earlier in the year.
Comparing Mortgage Rates
For homeowners looking to take advantage of the current low rates, it’s essential to compare mortgage rates from different lenders. With the help of online tools such as Money Saving Expert’s whole of market mortgage best buys tool, you can find the cheapest rates and fees for fixed, variable, and more mortgages [[1]].
Conclusion
The current drop in mortgage rates is a welcome relief for homeowners and prospective buyers. With rates at their lowest level in almost two years, it’s an excellent time to consider refinancing or taking out a new mortgage. By comparing rates and fees from different lenders, homeowners can save thousands of euros in interest payments over the life of their loan.
Remember to stay informed about the latest mortgage rates forecast and trends to make the most of this opportunity.
Mortgage Rates Plummet to Lowest Level in Almost Two Years
As of September 6, 2024, mortgage rates have reached their lowest level in nearly two years, according to recent reports. In Belgium, the average rate for borrowing 250,000 euros over 20 years has dropped to 3.05%, a significant decline from the peak rate of 3.73% in November last year [[source]]. This drop in interest rates is attributed to the decline in Belgium’s long-term bond rates and increased competition between the country’s banks. According to the latest Eurostat data, Belgian banks offer some of the lowest mortgage rates in the European Union [[source]].
What This Means for Homeowners
To put this into perspective, for the same amount borrowed, homeowners can expect to save almost 15,000 euros in interest payments with a loan taken out this year compared to one requested last year. This is a significant saving that can make a substantial difference in the overall cost of homeownership.
Current Mortgage Rates Forecast
In the United States, mortgage rates are also experiencing a decline. According to a recent forecast, mortgage rates are expected to continue their downward trend, with experts predicting rates to remain stable or decrease further in the coming months [[2]]. As of September 7, 2024, the current average 30-year fixed mortgage interest rate is 6.38%, remaining stable over the last week [[3]]. This is a significant drop from the highs seen earlier in the year.
Comparing Mortgage Rates
For homeowners looking to take advantage of the current low rates, it’s essential to compare mortgage rates from different lenders. With the help of online tools such as Money Saving Expert’s whole of market mortgage best buys tool, you can find the
