Higher mortgage rates the ‘new normal’

While a number of banks have recently reduced mortgage rates, experts have warned borrowers that there is unlikely to be a significant decline in rates, with the Bank of England expected to continue increasing its base rate in a bid to bring down inflation. Charlotte Harrison, chief executive of home financing at Skipton Building Society, said there “doesn’t look to be a silver bullet on the horizon” when it comes to higher loan rates, saying the market is pointing toward a “higher interest rate environment for a longer period of time.” 

The Daily Telegraph (14/08/2023)