According to a new report that was published today, mortgage rates appeared not to be going somewhere promising, as the banks are currently estimating a rate of 1,000 mortgages per day. These figures disturbed investors and experts who were expecting a recovery after the effects of the earlier recession, in the global economy, have gone. Since the beginning of 2010, the mortgage rates did not show any sign of progress.

The figures included revealed that, for house purchase, the number of mortgages recorded an 18.5% lower rate in 2010 than the rate recorded at the same time in 2009. Along with the current credit crisis and the decrease in the number of loans, these figures do not have a chance to get improved.

Chief Property Economist at Capital Economics, Ed Stansfield, expressed his desperation over the housing market status as a whole. He stated, “The latest mortgage lending snapshot from the BBA suggests that growing pressure on household finances, rising fears about job security and still-tight lending criteria are depressing activity in the housing market”. He also attributed the slow rise in the house prices to this ‘renewed’ decline in demand over mortgage.