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13.04.2023

Mortgage rates are unlikely to go down in 2023 and could go higher

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Nadia Khan DipPFS Cert CII (MP), Wren Sterling

Mortgage rates are unlikely to go down in 2023…

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  • Home owners may have to wait until 2024 before they see their repayments go down
  • Mortgage rates more likely to happen next year than this, according to the boss of a leading economic think tank
  • Leading economists have suggested that mortgage rates will not come down this year as the International Monetary Fund (IMF) announced that the UK has the worst growth prospects of any country this year.
  • Bank of England’s base rate is likely to fall, which will trigger mortgage rates to go down but this is unlikely to happen this year.
  • The base rate will fall, but the question is when, and it seems more likely that this will happen next year rather than this.
  • As far as the Bank is concerned they won’t want to start lower rates until they are clear inflation has been squeezed and all evidence is that underlying inflation still strong.
  • The Bank has no alternative but to keep rates high and may have to go higher next month”.
  • Washington-based IMF today announced its projection that the UK’s economy will shrink by 0.3 per cent this year, which, if correct, will make it the worst performing economy in the world – worse even than Russia’s, which rebounded slightly from last year.
  • Yesterday it published a blog saying that global interest rates are likely to return to pre-pandemic lows, but in the UK’s case this could take some time. The reason it saw interest rates going low again was down to low productivity and an ageing population.
  • Since December 2021 the Bank of England has raised rates from 0.1 per cent to 4.25 per cent in an aggressive attempt to dampen the worst inflationary pressures since the early 1980s.

 

  • inflation
  • Mortgage
  • interest rates
  • Bank of England
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Nadia Khan DipPFS Cert CII (MP) Wren Sterling

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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