What’s happening with mortgage rates?

Uncertainty over mortgage rates continued throughout July with two-year fixed mortgage deals reaching their highest levels in 15 years.

Lenders have been steadily increasing mortgage rates over the past few months, with average fixed-rate deals going up nearly every day, putting more pressure on homeowners looking to remortgage and first-time buyers.

Towards the end of July, the average two-year fixed-rate mortgage stood at 6.83% according to Moneyfacts.

Many lenders expect interest rates to rise further, putting more pressure on the market. Ian Stuart, CEO at HSBC said that this is “not the news mortgagees would be looking for, but I don’t think inflation is going to fall quite as fast as we had hoped.”

Your home may be repossessed if you do not keep up repayments on your mortgage

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