{"id":64591,"date":"2022-10-20T12:42:02","date_gmt":"2022-10-20T12:42:02","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/10\/20\/mortgage-rates-hit-fresh-14-year-highs\/"},"modified":"2022-10-20T12:42:02","modified_gmt":"2022-10-20T12:42:02","slug":"mortgage-rates-hit-fresh-14-year-highs","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/10\/20\/mortgage-rates-hit-fresh-14-year-highs\/","title":{"rendered":"Mortgage rates hit fresh 14-year highs"},"content":{"rendered":"
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Mortgage rates have continued to rise, hitting a 14-year high on Thursday, figures show.<\/b><\/p>\n<\/div>\n

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Average fixed rates for two and five year bonds rose to 6.65% and 6.51% respectively as UK borrowing costs remain at elevated levels amid ongoing political uncertainty in Westminster.<\/p>\n<\/div>\n

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One analyst warned mortgages still have a “long way” to fall.<\/p>\n<\/div>\n

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It comes as the Bank of England is expected to hike interest rates again in November to curb inflation.<\/p>\n<\/div>\n

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Consumer prices rose 10.1% in the year to September, returning to a 40-year high as food, energy and transportation costs rose. <\/p>\n<\/div>\n

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On Thursday, however, the bank’s deputy governor questioned whether “dramatic” rate hikes were needed amid signs that global inflation was beginning to stabilize.<\/p>\n<\/div>\n

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“Whether official interest rates will need to rise by as much as financial markets are currently pricing in remains to be seen,” Ben Broadbent told students at Imperial College London.<\/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 around the world have been raising interest rates to fight inflation. <\/p>\n<\/div>\n

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    But UK mortgage rates rose particularly sharply after financial markets reacted poorly last month to the government’s mini-budget that promised billions of pounds in unfunded tax cuts. <\/p>\n<\/div>\n

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    UK lenders have suspended hundreds of mortgage products as prices for these long-term loans remain uncertain. <\/p>\n<\/div>\n

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    Researcher Moneyfacts said the number of deals fell to 2,258 in early October from 3,961 on the morning of then-Chancellor Kwasi Kwarteng’s statement.<\/p>\n<\/div>\n

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    In the meantime, however, they have recovered slightly to 3,128 \u2013 although consumers still have a fifth fewer offers to choose from than they did a month ago.<\/p>\n<\/div>\n

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    At least 100,000 monthly mortgage holders are nearing the end of their current business and facing a steep increase in monthly repayments.<\/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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    Bill Blain of investment firm Shard Capital said cutting mortgage rates depended on “when we can restore stability”.<\/p>\n<\/div>\n

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    “There is a lot of work to do to bring UK interest rates back down, especially when we still face a huge risk of inflation,” he added. <\/p>\n<\/div>\n

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    “The only way to counter inflation is to keep raising interest rates, so I think we’re a long way from mortgage rates starting to go down.”<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Mortgage rates have continued to rise, hitting a 14-year high on Thursday, figures show. Average fixed rates for two and five year bonds rose to 6.65% and 6.51% respectively as UK borrowing costs remain at elevated levels amid ongoing political uncertainty in Westminster. One analyst warned mortgages still have a “long way” to fall. It […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-64591","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nMortgage rates hit fresh 14-year highs - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/10\/20\/mortgage-rates-hit-fresh-14-year-highs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage rates hit fresh 14-year highs\" \/>\n<meta property=\"og:description\" content=\"Mortgage rates have continued to rise, hitting a 14-year high on Thursday, figures show. 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