According to the Telegraph  fixed rate mortgages in the UK have reached a 10 year high with the average mortgage rate running at 7%. When the global crisis hit UK rates were hovering around 5%. That’s a 2% increase.

In the US it’s quite another picture with the Federal Reserve holding steady at 2%. After all there have been several cuts in the last few months. The average fixed rate mortgage is coming in at 6.29%.

So you see after all is said and done, there really isn’t that much difference in the interest rate of consumers purchasing a home in the UK or the US. There’s just a lot of hype about what’s going on in the marketplace.

30 year fixed mortgages are the hottest commodity currently. 30 year mortgages range from as high as 9% to as low as 5.85%. A 30 year mortgage can make those house payments a little more affordable and it may also allow you to spend a little bit more and move yourself up in the marketplace.

It’s key to shop around for the best mortgage rates. This is a large sum of money and just a ½% point can add up to huge savings over the long run. You can shop and compare mortgage rates online and find the best rates on your own, or you can do what so many are doing these days and get a mortgage broker working for you. This is a skilled group of individuals whose job is to get you the best deal!

All that hype you hear everyday, whether you’re in the UK or the US –well the moral of the story is to take it with a grain of salt and not to get too excited because rates are holding pretty steady right now.