The property market shows its resilience!
December 5, 2022
Because of the uncertainty brought on by the government’s mini-budget in September, mortgage rates skyrocketed. The factors that influence fixed mortgage rates, however, have already stabilised after chancellor Jeremy Hunt reversed several of the policies that shook the markets, including cancelling tax cuts and other spending commitments. Because of this, several traders believe that the lowest rates may soon drop below 5%!*
The fixed rates mortgage on purchase and remortgage are:**
TYPE OF MORTGAGE 2 YEAR 5 YEAR 10 YEAR
RATES ON PURCHASE 5.54% 5.09% 5.09%
RATES ON REMORTGAGE 5.35% 5.23% 5.09%
The cheapest rates have also improved marginally since their recent highs around 25 October, more than a month after the mini-budget. You can also read more about the fixed rates changes in details and what’s happening with variable rates in this article.