Could Mortgage Rates Fall Further???
Mortgage rates could be set to fall further after the Bank of England suggested base rate could remain on hold throughout 2016. The BOE warned in its inflation report that the global growth outlook had weakened.
The BOE indication that an increase in base rate may be further off than expected has been viewed as a U-turn after it was suggested in July that the MPC may consider increasing rates at the turn of the year.
When it looks like interest rates might have to rise something else happens globally to derail that, such as the slowdown in China or the fall in oil prices, and therefore cheap mortgage deals should continue to stay low for at least 6 months.
Two year fixed rates may get cheaper and five year fixed rates could reduce further with the addition of low ten year deals.
For more information help and advice please do not hesitate to contact us @HoskinMortgages