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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 7 9 2007
| UK Interest Rate: 5.75% UK Interest Rates Forecast: Possibility remains that interest rates will rise to 6% later this year Mortgage Interest Rates Going Up and Down Mortgage interest rates appear to be both increasing and decreasing - depending on your credit rating. In the last few days, several major mainstream mortgage lenders have reduced the interest rates for their fixed rate products. At the same time, the UK's largest sub-prime (bad credit) mortgage lenders have been increasing the rates on their fixed-rate mortgages - and in some cases removing the option for lenders to choose a tracker mortgage. These changes largely reflect the underlying cost of credit on the financial markets. Credit for those with adverse credit ratings is becoming more expensive as a result of the US sub-prime debacle. At the same time, the reducing probability of the Bank of England increasing the base rate to 6% is causing the cost of prime credit to reduce slightly. ONS Figures Show Strong Growth New figures from the Office for National Statistics show that the British economy has remained in good shape - at least until very recently. Growth in the second quarter was 0.8%, giving an annual rate of 3%. This is slightly above the Bank of England's forecast and could lead to rising inflation - suggesting that a further rate rise could be on the cards. However, given the recent market turbulence and uncertainty over the extent of the sub-prime crisis, the BoE may well choose to observe the effects of this year's rate rises for a little longer before making any decision to change rates. |
Latest Interest Rates Forecast in the UK
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