Rate rises?

Lewis7498

What’s everyone’s thoughts on the next two BOE rate predictions? Will they rise or are they starting to fall?

Have just today secured 3.79% fixed for 3 years with Halifax (existing customer) but had to pay £1172 ERC. Still works out cheaper overall than current fixed rates out there? Do you think I did the right thing? 

Am overthinking in case rates come down!

smipsy

There's only a massive thread about it already:

https://forums.moneysavingexpert.com/discussion/6396131/bank-of-england-mpc-meeting-november-3rd-2022-what-are-your-predictions-and-how-are-you-preparing#latest

MFWannabe

Personally I think you’ve secured yourself a very good rate 

md64

Sounds like a good deal to me! I was speaking to a broker last week who was looking at lowest rates around 6%! 

Lewis7498

MFWannabe said:

Personally I think you’ve secured yourself a very good rate md64 said:

Sounds like a good deal to me! I was speaking to a broker last week who was looking at lowest rates around 6%! 

@M@MFWannabe @md64 6%?! Phew glad I did it now, was worried because of the ERC and only currently on 2.09% but runs out in 4 months! Do you think they won’t go down just yet then?

MFWannabe

I don’t think they’ll come down for a while and when they do it won’t be anywhere near the super cheap rates we’ve had before 
this is my personal opinion, I’m definitely no expert! 

I really think you should be happy with your new fixed rate 

md64

Lewis7498 said:

MFWannabe said:

Personally I think you’ve secured yourself a very good rate md64 said:

Sounds like a good deal to me! I was speaking to a broker last week who was looking at lowest rates around 6%! 

@M@MFWannabe @md64 6%?! Phew glad I did it now, was worried because of the ERC and only currently on 2.09% but runs out in 4 months! Do you think they won’t go down just yet then?

I’m no broker by any means but i do know whilst inflation remains so high the BOE will keep rates up. We are unlikely to see sub 2% rates for years if ever. Rates are still historically low, my parents paid 14% in 1990 however a lot was different back then. Most economists predict things to peak next year before a decline late 2023/2024. Enjoy that great rate and plan for a 5% average in the future… any lower will be a bonus. A 3 year fix should ride out this economic uncertainty for now. 

Aberdeenangarse

FED have just increased their interest rates by another 0.75% so the BOE look like rising by the same amount tomorrow. It’s possible they could even rise by 1% - but doubtful.

Cheesy77

Aberdeenangarse said:

FED have just increased their interest rates by another 0.75% so the BOE look like rising by the same amount tomorrow. It’s possible they could even rise by 1% - but doubtful.

This will likely only impact those on a tracker. Don't expect fixed to go any higher than they are, if anything they should start to come down a little soon from the chaos of September. Swap rates are down by more than 1% compared to the mini budget chaos and even down this week despite fears of bond sell off 

L9XSS

My view a 0.75% increase today. Your fix looks a good be tor 3 years.

Lewis7498

Do you think the fixes being offered will go up after today?
I have yet to receive any paperwork to confirm the rate so they best not pull out! So nervous! Already paid ERC so hopefully not?