Brokers divided over possible interest rates rise
Nov 06, 2006
Mortgage brokers are split about whether there will be a further interest rates rise this month.
Lender Mortgage Express surveyed 217 brokers and found that 40 per cent expected the Bank of England's base rate to rise to five per cent at the next meeting of the bank's Monetary Policy Committee (MPC). However, 42 per cent of brokers thought that interest rates would remain on hold at 4.75 per cent.
Despite widespread rumours that a rates rise is on the cards this month, there was no clear indication which way mortgage brokers thought that the decision would go.
The chief economist at Mortgage Express said that despite that fact that two members of the MPC had voted for a rise last month, the bank had made it clear that a rise was not a done deal. He added that the one thing everyone agreed on was that rates would not be going down in the near future.
Recent research from Alliance & Leicester found that many mortgage holders were not concerned about a prospective rates rise, with many of them already on a fixed rate deal which secured them against any rises.
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