Average mortgage rates edge up again after brief fall, market data shows

Business

Fixed mortgages rates have risen again after a brief fall, according to figures from a financial information website.

The average two-year homeowner mortgage rate on the market edged back up to 6.8% on Friday from 6.79% yesterday, Moneyfactscompare.co.uk said.

Five-year fixes have also risen back to 6.32%, up from 6.31% on Thursday.

On Wednesday, it emerged inflation had slowed quicker than expected, giving a glimmer of hope for under-pressure mortgage borrowers.

The Office for National Statistics said the consumer prices index fell to 7.9% last month, down from 8.7% in May.

The Bank of England uses base rate rises as a tool to cool inflation.

The Bank is still expected to raise interest rates – currently at 5% – at its next meeting on 3 August as it battles to bring inflation back to its 2% target.

But experts have said the bigger-than-expected fall in inflation could see the Bank’s policymakers opt for a smaller increase of 0.25 percentage points rather than another 0.5 percentage point rise.

Products You May Like

Articles You May Like

Yoga Teacher Killer Falls Short on Depth and Substance Despite Caity Lotz’s Best Efforts
Study Finds Country Fans Least Likely To Use Protection In Bed, Morgan Wallen & Zach Bryan Top Country Artists On Sex Playlists
Mark James, Songwriter Behind ‘Suspicious Minds’ & ‘Hooked on a Feeling,’ Dies at 83
The Rainmaker: John Grisham Adaptation Ordered to Series By USA Network
Post Malone To Release “Pour Me A Drink” Featuring Blake Shelton Next Friday