Experts are predicting a 0.25 percentage point increase to the bank rate this month, which would be a record breaking 13th consecutive rise 💷 CallumCMason explores what the next rate rise could mean for mortgage rates
Mr Hollingworth explained that because current expectation was that a base rate rise was “nailed on”, fixed pricing going up at the moment was a reaction to this –the expectation of that is what’s driving increases so the rate actually increasing may not radically increase prices”, he said.
Justin Moy, managing director at EHF Mortgages, added: “Fixed rates will probably not increase any more, as that increase has already been priced into what we see now, but other influences such as application activity and inflation results could still push rates higher in the short term”. Inflation results for May are due to be revealed on 21 June, the day before the Bank of England’s decision.Those looking to beat rising rates could try and lock in a deal before their current fix ends, given that rates are expected to rise.
Mr Hollingworth explained: “It holds true that you should be looking to lock in a deal now. If things then don’t improve at least you have something in hand.”
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