Guess the rate date challenge...

financialbliss

Wonder if I'm flogging a dead horse here...?

Base rate held again at 0.5% today:

BBC: http://www.bbc.co.uk/news/business-16529313

TiM: http://www.thisismoney.co.uk/money/news/article-2085647/Bank-England-holds-economy-boost--evidence-points-quantitative-easing-February.html


This article from This is Money, suggests the Bank of England could potentially hold rates until November 2015:

http://www.thisismoney.co.uk/money/news/article-1607881/Interest-rates-News-predictions.html

Mind you, that article is updated frequently and the dates in there do vary quite a bit. Quote from that article:

"But these forecasts are wildly volatile - as we've constantly warned - and should be treated with caution."

Going to give this thread a bit of love tonight - December and January lists and graphs need updating.

FB.

gallygirl

financialbliss wrote: »

This article from This is Money, suggests the Bank of England could potentially hold rates until November 2015:


FB.

Round about when I'm planning to have all mortgages paid off :T. I'll go for +4% in Jan 16 :rotfl:

curlygirl1971

financialbliss wrote: »

Wonder if I'm flogging a dead horse here...?

Going to give this thread a bit of love tonight - December and January lists and graphs need updating.

FB.

Am sure I'm not alone in admitting I'm happy to keep watching you :rotfl:

Have just updated my Mortgage spreadsheet and also played around a little with it - rough calculations.

The average interest rate applied to my mortgage between July 2004 and Jan 2009 was 6.04% (although admitedly with hindsight I could have got better deal if I had been more financially savvy earlier). In January 2009 with a mortgage balance of £48k, I allowed it to lapse on to the SVR. The drop in interest meant that my Standard Monthly repayment went down by about £65. This of course was added to my OP amount.

If I assume that between Jan 09 and now I'd kept paying at 6.04% but had to reduce my OP amount by the increase in my Monthly repayment, then my mortgage value of £29.1k today would actually look more like £30.4k. So far approx. £1300 saved in interest by the phenomenally low BOE rate. (Don't ask me to look at the impact on my savings though :cool:)

I'm still a good few years from being MF, but I guess the closer some of us get to realising our MF objectives, the more twitchy we feel about it not going up. I've just rolled my ISA onto a 3.7% rate for 2 years. A little over 2 years ago it had just matured from a 6.5% rate

Hurdler

financialbliss wrote: »

This article from This is Money, suggests the Bank of England could potentially hold rates until November 2015:


FB.

Lord... I would ALMOST consider staying where I am in my "culturally challenging" employer just to slash the mortgage further.

financialbliss

Today was committee decision date for February.

Base rate kept at 0.5% and £50bn to be injected into economy.

BBC:
http://www.bbc.co.uk/news/business-16963116

TiM:
http://www.thisismoney.co.uk/money/news/article-2098668/QE-Bank-England-announces-new-50bn-cash-injection.html

FB.

worldwheeler

financialbliss wrote: »

Today was committee decision date for February.

Base rate kept at 0.5% and £50bn to be injected into economy.

FB.

Injected into what economy?
Do not look for interest rate rises any when soon. QE billions to the banks at ZERO% interest means speculation and gambling with NO risk, for the people who caused the whole crisis in the first place. So they will not want to stop that any time soon.

They have gained wage deflation, so the corporate world gives less for peoples labour AND they benefit from gambling on commodity, energy and food prices with QE money @0%(this also causes cost inflation for the working man) So the bottom of society get hit both ways while all the benefit goes to the very top, who, incidental, caused the whole credit bubble, crunch, crash.
It is right that the masters of the universe get such high rewards, for, even if they are to last a thousand years, they will look back at this time as their finest hour. Never, in the field of human finance, has SO much been stolen, from SO many, by SO few.

financialbliss

Not a lot of excitement in this thread of late.

Rates held at 0.5% today. Third anniversary of the rates being at 0.5%

BBC: http://www.bbc.co.uk/news/business-17297980

TiM: http://www.thisismoney.co.uk/money/news/article-2111987/Bank-England-Pensions-schemes-slam-QE-anniversary-0-5-rates-pension-schemes-rail-QE-wipes-billions-retirement-plans.html


This link, again from This is Money (TiM), suggests a rate isn't likely until October 2014:

http://www.thisismoney.co.uk/money/news/article-1607881/Interest-rates-News-predictions.html

Financial Bliss.

financialbliss

Crumbs. Not a single post since the last rate decision. Definitely little excitement in this thread at present.

Rates held at 0.5% again today - TiM (currently) suggests November 2014 for a rise.

TiM:
http://www.thisismoney.co.uk/money/news/article-2125447/Bank-England-set-freeze-QE-rates-despite-conflicting-estimates-growth.html

BBC:
http://www.bbc.co.uk/news/business-17625552

FB

Thrugelmir

financialbliss wrote: »

Crumbs. Not a single post since the last rate decision. Definitely little excitement in this thread at present.

Rates held at 0.5% again today - TiM (currently) suggests November 2014 for a rise.

Unless you've a tracker mortgage. Then base has no relevance. As rates in general are heading upwards. As the market is setting rates not the BOE. In fact BOE only has to take action once inflation (driven by wage rises) requires their input.

kerrazoo

Not so blissful really, just delaying the inevitable disaster when the rates do go up, and the whole nation has overstretched itself on low interest debt that is suddenly find their loans are not low interest any more.

I believe it will happen before the end of this year... as a guess.