Why are mortgage rates rising again?
Borrowers are being warned mortgage rates are set to rise further as turbulence continues to hit the market.
Mortgage rates have gone up about 0.5 percentage points in the last month to approach an average fixed deal of 6%. About 1.5 million households are set to come off fixed mortgage deals this year and face a sharp rise in their monthly repayments. There have been predictions that the Bank of England will raise interest rates higher than previously thought, from their current 4.5% to as high as 5.5%.
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