Interest Rates

What Are Swap Rates ? Swap Rates are the interest rate mortgage lenders pay financial institutions to acquire funding for a set period time i.e. 2, 5 and 10 year terms which are used to set the price for mortgage rates offered. Why have swap rates become more volatile ? Volatility and uncertainty drove up swap rates […]

Bank of England (BOE) have today increased their interest rate by 0.75% taking the Base Rate to 3.00% in an attempt to control rising inflation with factors including the ongoing cost-of-living crisis, Putin’s war in Ukraine, Liz Truss’ catastrophic ‘mini-Budget’ and later resignation have all contributed to the rise. Lenders are withdrawing products to re-price

Fixed rate mortgages have hit the highest level seen since the 2008 financial crisis with 2-year fixed rate average standing at 6.53% and 5-year fixed rates coming in at 6.36% (data from Moneyfacts). Yesterday the new Chancellor Jeremy Hunt ripped up former Chancellor Kwasi Kwarteng’s mini-Budget after which the cost of borrowing dropped and the

In a meeting with some of the UK’s biggest mortgage lenders today Chancellor Kwasi Kwarteng pledged to work closely with the financial sector to provide the best value on mortgage rates as they continue to rise following his ‘fiscal event’. Over the past 24 hours the average 2 & 5 year fixed rate mortgages breached

Yesterday was an day like no other with the vast majority of mortgage lenders withdrawing products because of the increasing cost of money on the money markets (swap rates) following the Chancellors mini-budget last week in which he cut taxes and stamp duty. The negative effects of the mini budge are being met with a

The Bank Of England (BOE) have today increased the Base Rate by 0.5% to 2.25%