Entries (RSS)Will we have higher mortgage rates?
As identified in the previous posting, the Consumer Price Index has risen to 3.2% for the 12 months to February 2009. In order to counter inflation it is possible interest rates will be increased. The result of increasing interest rates is that consumers then have less disposable cash and reduce their spending. Hence, inflation then stabalises.
Whether rates may start to rise again depends on whether the February figures are a one off or if they get repeated in subsequent months. If February figures are a sign of things to come then it is very likely that mortgage rates are now at their lowest and we may not see any further falls.
The FT has advised that brokers recommend fixing mortgage rates now rather than hoping for further rate cuts and to opt for longer-term rather than two-year deals. Five-year deals may be slightly more expensive but customers who fix for two years risk coming out of a deal at a time when interest rates are rising again.
April 29th, 2009 at 7:14 am
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November 17th, 2009 at 8:40 pm
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