During 2023 the average fixed-rate mortgage climbed by 155bp to a peak of 5.3% as the impact of policy action by the Bank of England fed into the mortgage market. This is far higher than the averages of 1.9% and 2.2% for two-year fixed-rate products in 2020 and 2021. The change ...
When asked how concerned they are about the future affordability of their mortgage repayments, it looks like the majority of respondents (87%) are concerned about mortgage rate increases in general. This is no surprise given the current cost of living crisis we’re living through and how that,...
Given the wider economic significance of recent housing market shifts,Cebr has analysed the impact of rising mortgage rates across the UK’s regions.To do this, we have used ONS estimates[1]of mortgages that have been or are due to be re...
In this article, we break down what the current average mortgage rates are in the UK and explain what's happening in the mortgage market.
Financial information company Moneyfacts says the average rate for a five-year fixed rate mortgage in the U.K. hit 6.01% on Tuesday, July 4, 2023 from 5.97% the previous day. It comes after the Bank of England has raised interest rates to a 15-year high to...
Mortgage rates increased at a record pace in 2022, with the 10-year fixed mortgage rate doubling between March 2022 and December 2022. With inflation increasing, the Bank of England introduced several bank rate hikes, resulting in higher mortgage rates. In September 2023, the average 10-year ...
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He said this is "set to heap further misery on mortgage holders, particularly as 700,000 fixed term contracts are set to expire in the second half of 2023 alone." "We suspect that higher mortgage rates will contribute to weaker economic activity in early-2024, and we are now not...
Average mortgage rate on five-year fixed deal slips below 6% for first time in months 28 Sep 202328th September 2023 Money Proportion of price-cut homes for sale 'highest in over a decade' 17 Sep 202317th September 2023 Money Older voters will back policies aimed at supporting younger...
See a round up of the top UK mortgage news - including changes to lender terms and interest rates, market updates and advice for first-time buyers, home movers, remortgages and buy-to-let investors