Expert Review Of Mortgage Loans: Are Rates Going To Rise?

Interest rates will increase towards the end of the year, economists are predicting.

Economists are speculating that the Bank of England will announce a one quarter point rise in the basic cost of borrowing for people seeking a mortgage or loan prior to the end of the year.

While the Monetary Policy Committee (MPC) voted recently to hold interest levels for the eleventh consecutive month, several economists are claiming that economical pressures, notably rising inflation, will force a rate hike in the medium term.

Milan Khatri, the Chief Economist at the Royal Institution of Chartered Surveyors (RICS), said: RICS is expecting the Bank of England to follow the lead of other world central banks, and raise rates of interest later this year by a quarter of one percent.

With a growth seeming probable in the coming months, many fixed-rate mortgage companies have upped their interest rates in anticipation, while wider market pressures have already seen fixed rate mortgages become much more costly within the last year.

Fixed-rate mortgages now look expensive as a result of the base rate rise above five per cent, said Ray Boulger, in reaction to mortgage broker, John Charcol.

However, Mr Boulger predicted that fixed-rate options might continue to find a market, commenting: There will constantly be a large market for fixes as a result of many people wanting the security of knowing exactly what they're paying out each month.

At the same time, mortgage advisers are warning that tracker mortgages could become more costly than their holders initially anticipated if the estimated rate hike is followed by a second rise within the next two years.

Those having a tracker mortgage will, therefore, be happy to hear that not all economists are predicting an interest rate rise anytime soon.

Jonathan Said, the Senior Economist from the Center for Economic and Business Research, claims, "Despite recent economic data, interest rates are more likely to hold than shift throughout the year."

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Expert Review Of Mortgage Loans: Are Rates Going To Rise?

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