Mortgage rates forecasts and house price increases – where next?
Mortgage rates are currently cheap, and if you are looking to climb on the property ladder or move to a new home you could be facing a dilemma. Should you wait to see if mortgage rates will further or buy now to avoid paying more for your home?
House prices are rising, and increases are no longer just confined to the south.
Data released by the Royal Institution of Chartered Surveyors reveals that property prices are increasing countrywide, which includes regions such as the North of England and the Midlands which have until very recently seen no signs of recovery.
If you are looking to buy you face paying more for your home by holding out to see if rates fall further. Mortgage rates are at their lowest level in a decade, and waiting could end up costing you dearly if house prices continue to increase.
The fear for many looking to make that first step is if they don't act swiftly they could end up being priced out of the market.
According to both the Halifax and Nationwide Building Society the expectation is for prices to gradually rise to the end of the year, mortgage rates are in the short term expected to remain as they are or fall back a little further.
A 2 year fixed rate mortgage is now on offer at 1.48% which is the lowest 2 year fixed rate ever, with rates as low as this home-ownerships becomes evenr more affordable.
If you are looking to purchase a home call Deal Direct for independent advice and a low rate quote.
Call 0800 048 8828 today.
