If you’ve been researching mortgages, or looking at the news recently you may have come across the term swap rate. It’s a phrase that appears often in financial news and mortgage discussions, but many homebuyers are unsure what it actually means. Understanding swap rates can help you better understand why mortgage rates rise and fall.…
Why Mortgage Costs Are Rising Despite Interest Rate Cuts Mortgage costs are climbing, with the average rate on a two-year fixed deal now at 5.5%—even after a recent interest rate cut by the Bank of England. Major lenders like Barclays, HSBC, NatWest, and Nationwide have raised rates on new fixed mortgage deals, leaving many borrowers…
The Bank of England’s chief economist Andy Haldane recently commented that the British economy is like a ‘coiled spring’, ready to bounce back strongly when the pandemic is over. Bank of England data due to be released next week will show that the pandemic has strengthened household balance sheets, consumer debt has fallen and average…