Sub-4% mortgages back ‘on the cards’ after inflation drop and interest rate vote

Mortgage rates could edge downwards in the coming weeks, though brokers say not to expect cuts 'overnight'fell to 3.4 per cent in the year to February – a little lower than economists had predicted – and this has increased bets from traders on anMortgage brokers have said that the two things could lead to some falls in fixed rates in the weeks ahead, after several weeks of increases.

Good news on inflation this Wednesday, as well as the fact that two of the nine-member MPC switched their votes from backing an interest rate increase at February’s meeting to backing a hold at Thursday’s one, means money markets are putting the chance of an interest rate cut by the Bank in June at more likely than not.

“We should hopefully see some downward movement in swap rates now, which will help give mortgage lenders the room to return to a more competitive mortgage rate environment.” “If we see those drops to swaps persist and hold firm then it should open up the opportunity for rates to be cut. I think lenders may not slash rates overnight and it could take a little time but five-year fix rates were around the 3.7 per cent mark in January.

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