Monday, Sep 29, 2008
Want a mortgage? In six months it's gonna be 8% minimum
Firstrung: Mortgage rates set to soar as LIBOR climbs above 6% - Fool.co.uk
It has taken six months for the interest rate that banks pay to borrow from each other to fall from 6% to 5.7%. But following the recent turmoil in financial markets, it has taken less than a week for those costs to be completely reversed. In just four days, the London Interbank Offered Rate (LIBOR) has climbed back above 6%...
Since March, the fall in LIBOR has benefitted homeowners as lenders passed on their cheaper borrowing costs. Six months ago the typical Standard Variable Rate (SVR) was 6.74%, when LIBOR was 6%. Six months on, LIBOR rates fell to 5.7%, with typical SVRs dropping to around 6.49%.
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