Lenders are beginning to hike their mortgage rates again as brokers warn home buyers are seeing the end of falling mortgage rates in the near-term gracegausden93 reports:
Lenders are beginning to raise their mortgage rates again as brokers warn home buyers are seeing the end of fallingSwap rates are used by banks and building societies to predict the path of the base rate in the future and is the yardstick by which they lend money to each other. When they are higher, lenders push mortgage rates up so they can maintain a profit.
A strong labour market has increased fears that inflation will not decrease as fast as hoped, combined with companies appearing able to push through large price increases without great customer complaint. Richard Campo, founder of brokers Rose Capital Partners, suggests that if the base rate rises again, the current batch of sub 4 per cent five-year fixed ratesHe suggests that, in the long run, we will see five-year fixed rates settle at between 4 and 4.5 per cent, with these rates becoming the new norm.
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