{"id":64019,"date":"2022-10-18T12:07:03","date_gmt":"2022-10-18T12:07:03","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/10\/18\/two-year-mortgage-rates-hit-fresh-14-year-high\/"},"modified":"2022-10-18T12:07:03","modified_gmt":"2022-10-18T12:07:03","slug":"two-year-mortgage-rates-hit-fresh-14-year-high","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/10\/18\/two-year-mortgage-rates-hit-fresh-14-year-high\/","title":{"rendered":"Two-year mortgage rates hit fresh 14-year high"},"content":{"rendered":"
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Average mortgage rates are the highest since the 2008 financial crisis, data suggests.<\/b><\/p>\n<\/div>\n

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While U-turns in UK government policy are expected to calm markets and ease pressure on mortgage rates, this has not yet had an impact on consumers, according to Moneyfacts research.<\/p>\n<\/div>\n

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The average interest rate on two-year fixed-rate loans rose to 6.53% on Tuesday, according to Moneyfacts.<\/p>\n<\/div>\n

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That was the highest rate for such a deal since August 2008.<\/p>\n<\/div>\n

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The average interest rate on a five-year fixed-rate mortgage has risen to 6.36%, the highest since November 2008, according to Moneyfacts.<\/p>\n<\/div>\n

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  • Warning of slowdown in home construction after mortgage rate hike<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    Mortgage rates have been rising for months as central banks hike rates to stem rising inflation, but have risen sharply since September on the impact of the government’s mini-budget on the market.<\/p>\n<\/div>\n

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    While new Chancellor Jeremy Hunt has reversed the \u00a332 billion tax cuts of his predecessor Kwasi Kwarteng, pressure on mortgage rates has not eased.<\/p>\n<\/div>\n

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    At least 100,000 people face the end of their current mortgage contract each month and face a steep increase in monthly repayments.<\/p>\n<\/div>\n

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    The number of mortgages available to homebuyers fell sharply after the government’s mini-budget but has recovered somewhat – although there are still a lot fewer available compared to 2021.<\/p>\n<\/div>\n

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    Lenders have not only reduced the number of mortgages available, they have also increased mortgage rates.<\/p>\n<\/div>\n

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    One such lender is NatWest, which said “recent application volumes” are part of the reason. <\/p>\n<\/div>\n

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    Brokers have said there is still demand for mortgages, but lenders are wary of being inundated with applications as uncertainty lingers in the economy.<\/p>\n<\/div>\n

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    Eleanor Williams, finance expert at Moneyfacts.co.uk, said the mortgage sector “remains volatile”.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Average mortgage rates are the highest since the 2008 financial crisis, data suggests. While U-turns in UK government policy are expected to calm markets and ease pressure on mortgage rates, this has not yet had an impact on consumers, according to Moneyfacts research. 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