OECD wants Interest Rates to stay at 0% until 2010

pickles110564

Looks like Broon has run out of money and can not pump any more into the economy.

http://www.guardian.co.uk/business/2009/mar/31/uk-economy-oecd-recession-gordon-brown

lostinrates

TBHnews like that doesn't make me feel good about buying. One of the motivators for looking now is to fix the interest on a mortgage at a low rate, if the rate is predicted to stay low for longer, then surely that gives property more time to fall for those of us waiting and still secure a low rate.

MrFonzerelli

Fixed rate mortgages unfortunately depend on a variety of factors.

I gambled on a variable tracker. This was on the understanding (a) repossessing homes is not a politically popular and (b) the BoE would not be free from political intervention during a downturn. (However trackers have became more expensive since)

I haven't looked into the mortgage market for some time. Keep in mind that pricing depends upon the demand for the underlying mortgage debt, not just the base rate.

lostinrates

MrFonzerelli wrote: »

Fixed rate mortgages unfortunately depend on a variety of factors..

Have you seen my username?;) I'm not sure how much more complex my broken brain can take.:o

Heyman_2

Lovely Jubbly - get them down to 0% and I'll be paying 0.79% on the mortgage until at least the end of 2010 :beer:

pickles110564

Heyman wrote: »

Lovely Jubbly - get them down to 0% and I'll be paying 0.79% on the mortgage until at least the end of 2010 :beer:

When the rates were falling CBS offered me a fix at 3.99%, here's hoping that they panic about them staying at 0% for a few years and offer long term fixes of 2.99%. Even though I have 0.75% trackers with them I would fix at 5 or 10 years at 2.99%

mewbie_2

pickles110564 wrote: »

I would fix at 5 or 10 years at 2.99%

Five years eh? Most of us are wondering what the next six months will bring. Five years seems a long timescale at the mo'.

Cannon_Fodder

"The government is already expected to have to borrow at least £118bn in 2009 to balance the books - equal to 9% of gross domestic product, an all-time record."


I know the Gaurdian mis-print from time to time, but are they right with "all-time record" ?

Oooo, let's get indebtedness into the Olympics, quick. Bronze, minimum...