MSE News: Fixed mortgage rates rising as inflation higher than expected
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'Fixed mortgage rates rising as inflation higher than expected - here's what's happening and why you might want to consider fixing now'
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Comments
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Cat's out of the bag now, with swap / gilt rates shooting up and markets pricing in at least 4 more IR raises...0
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……and to add fuel to the fire….
Nearly 800 mortgage deals have been pulled from the market amid rising concerns over higher interest rates.
UK banks and building societies have scrapped hundreds of offerings across both the residential and buy-to-let sector over the last week.
The number of residential mortgages has fallen by 373 to 5,012 since the start of last week, while the number of buy-to-let mortgages has fallen by 405 deals to 2,343.
The figures from financial data group Moneyfacts also showed the impact on mortgage rates, with the average rate on a two- and five-year fixed mortgage rising to 5.38pc and 5.05pc respectively since the start of May.
It comes after worse-than-expected inflation figures last week fuelled concerns that the Bank of England will continue to raise interest rates to keep a lid on prices.
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It doesn't look good as mortgage rates are only going one way. Great for savers though as they are now getting a decent return on their savings after 15 years of hardly nothing.
BOE base rate could go to 8% in 2024.0 -
ItisHappening said:It doesn't look good as mortgage rates are only going one way. Great for savers though as they are now getting a decent return on their savings after 15 years of hardly nothing.
BOE base rate could go to 8% in 2024.Most folk these days don’t care to take the time to understand how mortgages work, or consider the consequences of not being able to afford theirs.I’m sure the government are planning a bail out as we speak. Can’t have house prices fall to more affordable levels when that lot are all in the property game themselves.0 -
weddingringman said:ItisHappening said:It doesn't look good as mortgage rates are only going one way. Great for savers though as they are now getting a decent return on their savings after 15 years of hardly nothing.
BOE base rate could go to 8% in 2024.Most folk these days don’t care to take the time to understand how mortgages work, or consider the consequences of not being able to afford theirs.I’m sure the government are planning a bail out as we speak. Can’t have house prices fall to more affordable levels when that lot are all in the property game themselves.
This is going to be very bad news to some people on here as you can tell they get very touchy about this.0 -
ItisHappening said:It doesn't look good as mortgage rates are only going one way. Great for savers though as they are now getting a decent return on their savings after 15 years of hardly nothing.
BOE base rate could go to 8% in 2024.
Also, savers are still getting stuffed, I don't think there are any savings accounts giving above-inflation returns. Savers are worse off than when savings rates were 0.15% and inflation 1.5%. Yes the amount of money in the bank has gone up a bit, but you can't buy as much with it.1 -
Strummer22 said:ItisHappening said:It doesn't look good as mortgage rates are only going one way. Great for savers though as they are now getting a decent return on their savings after 15 years of hardly nothing.
BOE base rate could go to 8% in 2024.
Also, savers are still getting stuffed, I don't think there are any savings accounts giving above-inflation returns. Savers are worse off than when savings rates were 0.15% and inflation 1.5%. Yes the amount of money in the bank has gone up a bit, but you can't buy as much with it.0 -
Inflation was 5.5% before the energy crisis (Feb 22 figure).
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Strummer22 said:ItisHappening said:It doesn't look good as mortgage rates are only going one way. Great for savers though as they are now getting a decent return on their savings after 15 years of hardly nothing.
BOE base rate could go to 8% in 2024.
Also, savers are still getting stuffed, I don't think there are any savings accounts giving above-inflation returns. Savers are worse off than when savings rates were 0.15% and inflation 1.5%. Yes the amount of money in the bank has gone up a bit, but you can't buy as much with it.Days out with my kids (tickets/food) have literally doubled in cost over the last 2-3 years. Food is easily up 50% in a similar time frame. Look at utilises including streaming services, broadband, insurance etc. All up far more than 8%.
Need to carry out some home repairs? Some materials have increased 2 or 3 fold. Getting folk in to do the work equally now far more costly.Rising costs are everywhere.0 -
weddingringman said:Strummer22 said:ItisHappening said:It doesn't look good as mortgage rates are only going one way. Great for savers though as they are now getting a decent return on their savings after 15 years of hardly nothing.
BOE base rate could go to 8% in 2024.
Also, savers are still getting stuffed, I don't think there are any savings accounts giving above-inflation returns. Savers are worse off than when savings rates were 0.15% and inflation 1.5%. Yes the amount of money in the bank has gone up a bit, but you can't buy as much with it.Days out with my kids (tickets/food) have literally doubled in cost over the last 2-3 years. Food is easily up 50% in a similar time frame. Look at utilises including streaming services, broadband, insurance etc. All up far more than 8%.
Need to carry out some home repairs? Some materials have increased 2 or 3 fold. Getting folk in to do the work equally now far more costly.Rising costs are everywhere.0
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