These lower mortgage rates are good for homeowners because this means their payments are lower. This means they can more easily afford them. Since people are able to pay houses aren’t being repossessed. This is good for anyone other than those looking to buy a cheap home which has been repossessed. Being able to stay in the home rather than losing it brings a feeling of stability for people. This means they are happier and so are their families.

Key Takeaways:

• The Council of Mortgage Lenders noted that the number of homes repossessed in 2016 was the lowest since 1982.
• It was also noteworthy that the number of mortgages in arrears fell by about seven percent.
• A lowering trend in mortgage rates aided and galvanized home-buyers, leading to the improved numbers.

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