6% mortgage rates; trouble a'ht Mill

[Twiglets1]

This is a new 6% mortgage rates thread as the last one is almost full.

Thanks to KievLoverTwo for suggesting the second part of the title to reflect all the squabbling these threads are causing. Which could be a thing of the past of course. But realistically, it won't be.

Why are you so interested?

@CrashyTime why are you so interested in other peoples mortgages?

LOL, why does a cat creep about in the woods, it is just human nature to be fascinated by a total brainwashing scheme imploding.

So no, you don't intend to buy a property. You just want to provide unqualified, controversial commentary. Glad I'm clear on that now @CrashyTime

Have you ever spent time over at the MSE Troll Farm? It is an interesting place, always reminds me of the final scene in The Birds for some reason....

Wow - who knew Crashy was a property tycoon??
(mind blown)

Actually is quite relatable if I think about a certain awful person I find interesting

Not you @CrashyTime !

Oh yes there will be interest rate cuts, but not for the reasons that the newspapers tell you and you think there will be.

Remember my past comments on here on inflation and interest rate rises when the narrative said the opposite.

To put a lid on inflation, we need a recession (as the global economy is beginning to go through now).

In the depths of recession then and only then (when it looks like inflation is taken care of) they will drop rates to ‘grow’ out of the other side.

This is the point where it will be a policy mistake. It will help fuel the secondary inflationary wave compounded onto wage increases/index linked pay/pensions which will force rates up higher than the government can afford to pay.

Have you seen councils crumbling and going bankrupt? Imagine that with the NHS, police and other public services with cut budgets trying to service legacy overheads they can no longer afford to.

My question was to Crashy @Lightscribe unless you’re the same person 🤷🏼‍♀️

Right.

Yes, there is still a lot of inflationary pressure out there, I think they want to sit at the 5% base rate level for as long as possible TBH, people are kidding themselves if they think mortgage and other debtors are getting bailed out this time, last time was just a lucky accident as they bailed out the "system" and the big players (who need you to keep paying your debt)

Financial Times: UK food inflation near 2-year low, data shows

UK food inflation eased to its lowest rate for almost two years in February as meat, fish and fruit prices fell, according to industry data published on Tuesday, adding to evidence of downward cost pressure in the economy.

Annual food inflation slowed to 5% this month, down from 6.1% in January and the lowest rate since May 2022, the British Retail Consortium data showed. The slowdown was driven by “easing input costs for energy and fertiliser while retailers competed fiercely to keep prices down”, said BRC’s chief executive Helen Dickinson.

The data will raise hopes that headline inflation, published on March 20, will continue to decline in February after remaining unchanged at 4% in January. Official food price inflation fell to 6.9% in January, from a 45-year high of 19.1 in March 2023 when commodity costs surged after Russia’s full-scale invasion of Ukraine sent global supply chains into disarray. As supply chains have normalised and diversified to replace imports from Russia, the wholesale costs of energy and fertiliser have eased.

The trend was confirmed by separate data from research company Kantar, also published on Tuesday, showing that the annual rate of supermarket price growth slowed sharply to 5.3% in February, from 6.8%in the previous month. The rate was the lowest since March 2022.

https://www.ft.com/content/50580d1c-6a41-42f6-b14e-9d19b449c391

https://www.msn.com/en-us/money/markets/apollo-global-sees-no-fed-rate-cuts-in-2024-as-growth-picks-up/ar-BB1jaqV2

Even the landlords are renting now, what happens if we run out of landlords? If a landlord sells a BTL in the woods and no one buys it, is his equity real?

https://www.msn.com/en-gb/money/homeandproperty/i-m-a-landlord-but-don-t-own-the-home-my-family-live-in-property-expert-on-why-he-loves-renting/ar-BB1ja0vK?ocid=BingHPC

What are you on about, one landlord chooses to rent their home and that makes you all philosophical?

https://www.express.co.uk/finance/personalfinance/1873922/HSBC-mortgage-rate-interest-increase

Really missing your daily mortgage rate updates, are you OK?

Fine thanks Crashy 😀

Looking forward to the thread title being updated, that should help focus minds away from the fantasy economic world a lot of people have been living in.

So am I … next thread title will be lower than 6% won’t it?

Important inflation (U.S) data this week, and markets looking a bit shaky at the moment (Nasdaq down 2%) probably off the back of the Apple China numbers. For mortgage rates to tumble like you would like them to I think it would need a real economic shock, that would be very bad for house prices.

I’ve not used the word tumble, tend not to use hyperbole.

I don’t expect mortgage rates to “tumble” but I do expect them to fall modestly over the next year or so & that will be reflected in the next of these threads.

But you were expecting multiple rate cuts a few weeks ago, or at least drawing attention to "experts" (bought and paid for by the banks IMO) who were pushing this line?

I still do expect several small BoE base rate cuts throughout 2024 so as the rate is 5.25% now I expect it to be about a percentage lower by the end of the year.