This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Mortgage Rates Drop to Record Low
Average mortgage rates fell to a new record low in the second quarter (Q2) of this year, as borrowers rush to secure cheap deals.
Rates dropped to 2.83% from 2.99%, reports the Bank of England (BoE) and Financial Conduct Authority (FCA).
The Mortgage Advice Bureau’s (MAB) Brian Murphy says: “Borrowers are aware that these cut-price rates have a limited lifespan, particularly as we edge closer to an interest rate rise.”1
Interest rates are expected to increase next year.
1 Keogh, P. (2015) ‘Mortgage rates fall to new low’, Metro, 9 September, p.2
