Where Are Mortgage Interest Rates Going Today?

Therefore in many ways, we are here to report some good news – in that mortgage interest rates don’t appear to be increasing any time soon.

Following the latest meeting the Monetary Policy Committee voted to keep rates on hold at 0.75% for the thirteenth month in a row, continuing the decade long trend of cheap borrowing since the financial crisis in 2008/2009.

INTEREST RATE HISTORY

At Curchods Mortgage Services what we are seeing at the moment is not just static interest rates, but real competition from major lenders to attract new business with the most competitive deal. The knock-on effect is some extremely low rates on offer. Lower interest rates mean lower monthly repayments and it’s cheaper than ever to borrow in order to purchase a property.

Frances Haque, the chief economist at Santander, commented:

“The decision to hold rates was widely expected, given the outcome of Brexit is still hanging in the air. Although the economic data published so far for the third quarter of this year suggests that a recession should be avoided, many of the fundamentals of growth such as business investment and productivity remain weak, with the MPC clearly sticking to its cautious approach. Until there’s more clarity on the final Brexit outcome, it’s unlikely we’ll see a change in rates this year.”

The Governor of the Bank Of England (BoE), Mark Carney, also signalled that prolonged Brexit uncertainty is likely to keep rates lower for a longer period of time, although he did once again stress that rates could move either up or down if a disorderly no-deal Brexit scenario ensues.