Mortgage rates soar to highest level for 15 years
Business / Tue 11th Jul 2023 at 08:15am
MORTGAGE costs have hit the highest level for 15 years after the rate on a two-year fixed deal surpassed the peak in the aftermath of the mini-budget reports the BBC.
The average rate on such a deal is now 6.66% – a level not seen since August 2008 and the financial crisis.
Mortgage costs have been soaring recently as lenders grapple with inflation and uncertainty over interest rates set by the Bank of England.
Mortgage lenders will be questioned by MPs later on Tuesday.
Click below for more details.
Government has never got inflation under control until interest rates are higher than inflation, fact. Double yikes!