City Of London
UK Sees Mortgage Rates Staying Near 5% For Another Five Years
- Mortgage rates will only peak in the second half of 2024
- OBR forecasts house prices will fall for the next two years
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UK mortgage rates are set to stay close to 5% for the next five years as the era of low interest rates comes to an abrupt end.
Home loan rates will rise steadily before peaking in the second half of 2024, according to the latest forecasts for the UK’s economy. The Office for Budget Responsibility said Thursday that mortgage rates will then stay above 4.5% through the first quarter of 2028.