Three of the rates in our chart have fallen this week, due more to market forces in the UK rather than any influence from the Bank of England. In what has become a settled lending climate, more of our clients are now preferring to choose a tracker rate for several years rather than the security of a longer term fixed rate, which is a move away from the trend that we have seen for some months, where everybody was insisting on taking five year fixes. Recent claims in the national media that interest rates are likely to rise in the mid 2020’s might be correct, although they might also be totally wrong – economists have got interest rate predictions spectacularly wrong since the start of the financial crisis and there is no reason to believe that the current forecasts will be any more accurate.
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