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Have Mortgage Rates Hit The Bottom

Have Mortgage Rates Hit The Bottom

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Have Mortgage Rates Hit The Bottom
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Borrowers have been spoilt for choice in recent weeks with super low mortgage rates of sub-1 per cent for those with 40 per cent deposits or similar levels of equity in their homes. Not only that, but while those borrowing higher loan-to-values (LTVs) have paid higher rates, these have also fallen across the board, making life easier for all borrowers.

However, we are seeing the first indications that the trend of downwards mortgage rates may be about to reverse. Following rising Swap rates  the rate lenders pay to borrow from each other on the back of talk of an impending interest rate rise. Some lenders are starting to re-price their super cheap mortgage deals upwards.

With the next meeting of the Monetary Policy Committee coming on 4 November. There is increased speculation that there will be a rate change. The first increase in rates since they were reduced to 0.1 per cent in March 2020.

Mortgage Rates

Platform has already increased some of its mortgage rates, while HSBC is raising pricing on some sub-75 per cent LTV deals. There are rumor’s that other lenders are set to follow suit in coming days. While borrowers do not need to panic – when you put it into perspective. Rates are still extremely cheap and indeed some lenders continue to reduce rates on higher LTV deals. If you are coming up to the time when you need a mortgage. It might be worth moving sooner rather than later.

A whole-of-market broker such as AWS Private Finance will scour the market on your behalf, looking for the best deal. With mortgage offers lasting from three to six months, depending on the lender. We can also secure you a rate that you can move onto when you need it. If, at that time, rates have moved the other way and are cheaper. You can always choose another deal (although the direction of travel at the moment suggests that is unlikely to be the case). Get in touch for more information.

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