Bank Base Rate is stays at 5.25% but Housing is looking positive.
At its meeting on September 19th, 2024, the Monetary Policy Committee (MPC) voted by a majority of 8 to 1 to keep the Bank Rate to 5.00%. However, 1 member (Dr. Swati Dhingra) preferred to reduce Bank Rate to 4.75%.
At the previous MPC meeting in August they decided to reduce the bank base rate to 5.00% . The next Monetary Policy Committee (MPC) meeting is on the 7th of November.
Fixed Rate Mortgage rates have decreased in anticipation of this decision not to increase the Bank Base Rate.
See: How does mortgage lender funding affect your mortgage price?This is good news for
The US central bank lowered interest rates (by 0.5 percentage points) for the first time in four years, last week. The Federal Reserve reduced the key lending rate to a range of 4.75% to 5%.
Inflation is at 2.2%, the Bank of England CPI Inflation increased from 2% in August to slightly above the target of 2%.
mortgage rates had fallen since the MPC’s previous meeting broadly in line with declines in risk-free reference rates.
The share of two-year fixed-rate mortgages within new secured household lending had been increasing since 2023 Q1, despite rates on these mortgages being above five-year fixed rates over this period. That had reversed the previous trend whereby longer-duration mortgage fixes had increased in popularity since 2016, probably reflecting household expectations of lower interest rates. Slow mortgage stock turnover meant that the share of five-year fixed-rate mortgages in outstanding lending had remained historically high.
TBC, as the report is published.
TBC, as the report is published.
See: MPC September 2024 Monetary Policy: Report
See: MPC September 2024 Monetary Policy: Summary and Minutes
We are your online mortgage broker, offering you the convenience of applying for a mortgage online. However, we understand that sometimes you may prefer to speak with a human - phone, email or in person.
31 Bradford Chamber Business Park,
New Lane, Bradford, BD4 8BX
Looking for career in Mortgage Advice? View job openings.
We are authorised and regulated by the Financial Conduct Authority (No. 919921). The FCA does not regulate most Buy to Let mortgages.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Cyborg Finance Limited is registered in England and Wales (No. 12131863) at Bradford Chamber, New Lane, Bradford, BD4 8BX