Mortgages in the UK

I just read a news story about mortgages in the UK, and interestingly, and much differently than the trend in the United States in the past few years, the mortgage trend in the UK is for fixed rate mortgages. Fixed rate mortgages are dominating the mortgage market, despite widespread belief that interest rates may still go down further. With APRs like 5.83% though, how can you go wrong?

The mortgage market in the US is also going through an interesting time too. After too many years of carelessness in underwriting, lending is getting much tighter and is making it harder for the little guy to get a mortgage. Commercial Mortgages and normal residential mortgages are going through the same thing right now. Hopefully this will slow the rampant foreclosures that are going on right now, but it will definitely take some time.