Wages have increased to their highest level in almost two-and-a-half years, according to official figures, raising questions about whether the Bank of England will press ahead with an expectedThe latest numbers from the Office for National Statistics show average regular pay, excluding bonuses, stood at 6 per cent in the three months to February compared with 12 months earlier.
Currently, the average two-year fixed rate mortgage rate today is 5.81 per cent while a five-year fix is 5.39 per cent. Homeowners will be hoping for a return to rates of around 4 per cent. “This may not bode well for households pinning their hopes on an imminent interest rate cut to ease their borrowing costs.”
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