“Inflation might be killed, but is that a good scenario to have? No government would want to deal with it.”
“Because we haven’t had rising interest rates like this for over a decade, we just don’t know how long it’s going to take, now the mortgage market looks so different. But at some point, the economic activity and GDP data will start to worsen and that will allow the Bank of England to stop rising rates, and then probably start to cut them. But the big question is when that will happen.”
Each time a bank withdraws a loan from the market, it has a knock-on impact on its competitors who may not be able to cope with a sudden increase in demand, said David Hollingworth of brokers L&C Mortgages. “What you can say for mortgage rates is that we still have two-year fixes that are more expensive than five-year and longer term deals, which seems to back up the market expectation that rates will ease over time,” he added., they’ll be able to take advantage of what will hopefully be a lower-rate market.Ray Boulger, of brokers John Charcol, said that there is currently “groupthink” in forecasting that current trends in interest rates will continue for longer than expected.
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