Mortgage rates here in Camberley Surrey
A short but to the point article appeared in the Daily Telegraph today written by Nicole Blackmore.
In it she reminded us that before the crisis in 2008 there was little difference between Bank Rate and two – year fixed rates. Lenders were competing aggressively to attract new customers. The best two – year fixed deals even fell below Bank Rate.
But when the crisis struck competition disappeared, almost overnight and rates went up.
The economy has greatly improved in the last 6 years, but still mortgage rates are at an all time low.
For instance the average rate on a 25pc deposit, two – year fix rose from 2.37pc at the start of the year to 2.6pc in June. The average five – year fixed rate rose from 3.34pc to 3.78pc.
So will the rate rise and when? UK economist Paul Hollingsworth said he expected the first rise between April and June, followed by slow rises to 2pc by the end of 2017.
Having been in this industry over 25 years, I can you that this is something all my colleagues in the industry talk about.
You can read the whole article here:
