Mortgage rates are far higher than they were during the Covid pandemic Photographer: Mike Kemp Provider: In Pictures via Getty Images Source: In Pictures Copyright: Mike KempThe Consumer Prices Index measure of inflation has been above 2 per cent in every monthly reading since July 2021, reaching a peak of 11.1 per cent in 2022, but is expected to fall from its current level of 3.2 per cent to around 2.1 per cent.
Variable and tracker mortgages are more directly tied to the Bank of England base rate, rather than loosely following predictions for where it will go. “Markets will react favourably to a positive print on Wednesday and swap rates should fall. Historically Lenders have been pretty good at passing savings on to mortgage borrowers, so if they get the money in cheaper, we should see better rates available to customers,” said Ben Perks of Orchard Financial Advisers.
A more dramatic inflation fall than expected could push mortgage rates even lower, and a smaller than expected fall could mean they do not fall, or even that they rise.
Source: Loan Digest (loandigest.net)
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