Friday, Jun 19, 2009
Mortgage rates jump in one week
BBC News: Mortgage rates jump in one week
The past week has seen a big jump in the cost of fixed-rate mortgages to new borrowers, according to Moneyfacts. The trend started a week ago with the Nationwide building Society. Since then it has been followed by 13 other lenders, including the Britannia, Cheltenham & Gloucester, Abbey, Woolwich and the Yorkshire building society. David Hollingworth at mortgage brokers London & Country said "best-buy" deals had typically gone up in cost by about 0.5%.
Posted by wanderinman @ 05:37 PM (657 views) Add Comment
3 Comments
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1. Jake said...
This will decrease the number of mortgages taken out in June and will show up in the mortgage approval stats that vested interests had been "encouraged" by.
2. voiceofreason said...
No brainer really.
Luckily most of the sheeple don't seem to be buying the VI propaganda this time, so transaction rates are still low.
Time to wait for the existing property owners to have to refinance, then go t*ts up. Then cue the bargains.....
Bring it on Baby !
3. britishblue said...
Simple really! If green shoots really do start to appear, the BOE rate will go up, mortgage rates will go up as banks protect margins and house prices will continue on their trend downwards, whilst your proverbial individual debtor gets screwed. If green shoots get a virus and die then house prices will continue their downward trend. If you rearrange the stack of cards the pressure on house prices is downwards not upwards from all angles.