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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 17 8 2007
| UK Interest Rate: 5.75% UK Interest Rates Forecast: Increase to 6% likely in the autumn Bank of England Suggests One More Rise The Bank of England's eagerly-awaited Quarterly Inflation Report was published this week. The report indicates what was widely expected; that rates will need to rise one more time (to 6%) in order to bring inflation down to close to its target 2% by the end of next year. A further increase to 6% has been priced in by the markets for some time and is expected by most analysts - a Reuters poll of economic analysts before the Bank's report was published found that 65% of them expected interest rates to be at 6% before the end of 2007. Roger Bootle, economic adviser to accountants Deloitte, also supported this school of thought, saying that the "MPC’s work is not yet done". Is Now A Poor Time for Fixed Rates? While rising interest rates have caused many people have hastened to switch their mortgages onto fixed rate policies over the last year, the time for fixing may now have passed. Most analysts believe that interest rates are very close to their peak - within 0.5% of the maximum they will reach. If these forecasts are correct, choosing a discounted variable rate or tracker mortgage could work out cheaper than taking the fixed rate route. The reason for this is that fixed rate mortgages generally have slightly higher interest rates - to compensate for their fixed nature. If interest rates don't go up, then the lower rates offered by discounted and tracker mortgages look cheaper - and if rates go down, people who fixed their rates when interest rates were highest could end up paying considerably more each month than necessary. In return for this extra cost, of course, they get the security of knowing their payment is fixed - no matter what happens. |
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