Lenders are 'reassessing' their offers amid concerns about how high interest rates will go.
They are far higher than they were last May, when two- and five-year fixed rates stood at 3.03% and 3.17% respectively, although they are still some way off the levels seen last October, just after the mini-budget spooked markets and drove up borrowing costs.
"Over the past few days, we have seen a few lenders withdraw selected fixed products, with some pulling out of the market, at least temporarily. Product choice has started to fall, and as may be expected, average fixed mortgage rates are on the rise." But earlier on Tuesday the property website Zoopla said buyer confidence appeared to be improving, with sales agreed reaching their highest point of the year so far in April.
"What we've seen over the course of the last few months is that if rates settle around the 4-4.5% level, that is affordable for most buyers. If you look at the rates that came in shortly after the mini-budget at the back end of last year, we saw those rates going up to 5-5.5%, which brought in those faster house price falls."
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shadow bank funding creates risks for big eurozone lenders, warns ECB\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Read more »
M56 middle lane hogging driver pursued by police for nearly 10 MILESBemused officers followed the motorist on the motorway
Read more »
Nearly 30 People Arrested in CT for DUI Over Memorial Day WeekendState police said 29 people have been arrested for driving under the influence this holiday weekend. Connecticut State Police have released weekend traffic statistics for Memorial Day weekend, which shows nearly 500 speeding violations and approximately 250 calls for motor vehicle crashes – 25 of which had reported injuries. Troopers said three people died in crashes over the holiday weekend,…
Read more »
Mark Wright: ‘Chasing my dreams saw my family drift - then I nearly lost them’Reality star turned radio presenter Mark Wright, his brother, Josh and dad Big Mark embark on a journey across the UK for brand new TV show after devastating family loss
Read more »
Coastal Highs Tuesday to Reach Mid 60s, Nearly 10 Degrees Warmer InlandOur seasonable stretch of temperatures continues as we round out the month of May. Dry skies prevail for much of Tuesday, as we see breezy winds settle in from the east. That will keep temperatures across the immediate coastline at bay. Boston, Hingham, Weymouth and South Shore towns will reach the mid 60s. With high pressure overhead, sunshine beams down…
Read more »