Mortgage rate increases

[Bananafrenchtoast1]

Is that affecting anyone else currently house hunting? Just looked at the latest rates and think we're going to have to lower up budget. Do we think house prices will start to come down as a result? (Economics is not my strong suit!)

I completed on my purchase yesterday. A couple of weeks a go we spoke to our broker about upping our deposit and reducing our mortgage offer and he practically screeched down the phone not to revise our offer as he didn't think we'd be able to get the same deal.

We’re very close to exchange and just got our mortgage offer through this week 4 weeks after application at 2.9% on a 5 year fixed rate. Praying it all goes through okay as I don’t think we’d get that if we had to reapply now.

We would be all be so rich if we could predict the future. But if I have my take, the price will reduce but not crash as real interest is still negative.

We had an offer accepted on a house in February. Got a mortgage offer in March, but they’d downvalued the property. We went to another lender who agreed with the original purchase price - but over the course of just a couple of weeks, interest rates had gone up from our first offer (1.9%) to 2.14%. If we were seeking offers now it’d be higher. So yes, it’s affecting people.

I think prices will only go down if enough people can’t afford the mortgage rates… I’m not confident prices will fall, I think they might just stagnate. But who knows!