💬 “Exactly what borrowers didn’t want to see” Today’s inflation figure could spell more bad news for mortgage holders, brokers and analysts have said
This is different to tracker mortgages, which directly follow the base rate, and SVR mortgages, which generally do so, but at the lender’s discretion.will reveal its latest interest rate tomorrow, and experts have said that a rise has already been “priced in” to fixed deals, meaning many lenders have already adjusted their rates accordingly.Data from MoneyFacts this morning suggests the average two-year fixed residential mortgage rate today is 6.15 per cent – up from an average rate of 6.
He said: “Ultimately this isn’t good news for mortgage holders currently on a variable rate or approaching their final year of their fixed-rate deal likely to be sub 2 per cent”. Andrew Montlake, managing director of Coreco mortgage brokers, said the inflation figure could mean swap go higher today, which would “translate to more lenders having to put up their rates”.Karen Noye, mortgage expert at Quilter, said this morning’s flat inflation figure will have been “exactly what mortgage borrowers didn’t want to see”.
“Today’s inflation figure will have shown that the lenders were right to increase their rates in recent weeks as the Bank of England is now likely to have to push interest rates higher to tame inflation. “Swaps rates, which influence mortgage rates, work off market predictions. Therefore, because it is forecasted that interest rates are going to rise, swap rates may jump again,” she said.he added: “Much of the market movement has already been priced in before this morning’s figure so it may not ultimately cause too big of a shift in sentiment from mortgage lenders who have already adjusted their rates accordingly.
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