Rising mortgage rates are causing a headache for homeowners and buyers, so what is behind the maelstrom?
Conversations about mortgage rates are no longer confined to the dinner party circuit or the golf course.
The latest official data spooked markets and lenders though, as it suggested inflation was going to stay higher for longer than anticipated. It also pointed to a theory that higher prices were becoming more embedded in the UK economy.the Bank of England to put up interest rates "It turned out inflation was persistent and therefore central banks were late and society as a whole was late to adjust to higher inflation," he told the BBC.Two years ago there was a rush from property buyers as tax concessions from ministers to keep the housing market moving during Covid were wound down., according to analysts. The pandemic led many people to reconsider where they lived, and stamp duty cuts made them move more quickly.
"We assumed interest rates would stay low, otherwise we'd have taken out a five-year fix," Mr Jhamat said. "Hindsight is a wonderful thing." At times like this, big lenders do not want their deals to be significantly cheaper than their rivals, and they only want as many applications as they can cope with.
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