Mortgage rate changes this year

[Workdilemmaemmaemma]

I’m trying to work out whether they are likely to go up or down after the next Bank of England announcement next week but getting confused and can’t work out. Can anyone please help!

thanks

They might increase.

Or they might decrease.

Or they might stay the same.

Hope that helps 😏

Anyone who has the ability to make that kind of prediction would be an extremely wealthy person indeed!

Thanks. Was more hoping for what is the general thinking. Seems to be swaying on rates will fall?

I am sure there are people who are betting on them going down. And others who are betting it will stay the same.

And people who are betting on the betting.

Generally they are expected to slowly go down but not as much as previously predicted

From Moneyweek: "markets are expecting a 0.25% rate cut at the next Monetary Policy Committee (MPC) meeting in November, taking the base rate down to 4.75%. Some investors and economists then expect another cut to follow shortly afterwards in December."

However, the recent budget could change that.

I think it will depend on which way the US election goes

Interest rates will probably fall but far slower than they would have because of the budget. DH studies financial markets, not as a job.

Really helpful with the later responses. Thank you!

They were expected to go down before this week's budget . However last time the Bank of England rates were cut , it didn't seem to change the actual mortgage fixed rates as expected. It took a while for the banks to react.

As previous posters said, I think the US election will impact things too as it's such a driver for the worldwide economy.

I don't think there is a true consensus one way or the other what will happen in the medium term.

I was going to link to Heaths link as well @Workdilemmaemmaemma not sure why you got the sarcastic replies, it’s a question and dilemma discussed by financial analysts before the pending date daily. Maybe they are trying, and failing to be clever.

The saving products such as premium bonds have been reduced as have some other savings products, potentially a very small cut it the next review, as others have said it is predicted very slow reduction but nowhere near the previous levels.