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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 4 Apr 2008
| UK Interest Rate: 5.25% UK Interest Rates Forecast: Cut to 5% thought likely in April or May Mortgage Markets Reflect "Supply and Demand" - HBOS Rising mortgage interest rates for homeowners are simply reflecting "the law of supply and demand" in the mortgage market, say HBOS - owners of Halifax, the UK's largest mortgage lender. The statement came as three of the UK's biggest mortgage lenders all raised their mortgage interest rates in response to market conditions and growing negative sentiment about the housing market. One key factor is the cost of credit. The London Interbank Offered Rate (Libor) is the interest rate at which banks and building societies borrow from each other. Libor is currently at 6% - 0.75% higher than the Bank of England base rate. The high Libor represents the lack of funds available for lending between financial institutions. This shortage means that there isn't enough to meet demand - so mortgage lenders are able to be much more selective than in recent years, choosing only the very lowest risk new customers. The high Libor is also a reason that interest rates keep rising - as lenders seek to protect and improve their margins in anticipation of a downturn in the market. Bank of England Governor Says No Crash Rate Cuts Speaking to a parliamentary committee this week, Bank of England Governor Mervyn King has ruled out any emergency cuts in interest rates - unlike the US Federal Reserve which has cut rates drastically in recent months. Despite King's comments, most financial institutions still expect a further 0.25% cut to the base rate in the next couple of months, in line with the Bank's own forecasts. |
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