Just what is happening with mortgage rates?

Just how confusing is the mortgage market at the moment with mortgage rates moving both up and down?

For the past 3 years while the base rate has remained low many home-owners happy to revert to lenders cheap SVRs have paid little interest to mortgage rates and market predictions.

Rates have been low and many home-owners have not felt to need to switch deals.

With various lenders hiking their SVRs back in May and the BoE issuing warnings to buckle up as the ride could get bumpy over summer, home-owners are finally sitting up and taking notice.

Concern that rates may not remain low much longer has forced many into searching out a better deal. The catch is those who have entered the market to source a good offer are finding themselves confused. Just how can they work out which way to turn when each day rates are either being reduced or increased?

According to unbiased.co.uk this confusion has led to a marked increase in the demand for remortgage advice.

Many realise sourcing the best offer is not just about a headline rate. Rates are moving up and down and lending criteria is getting tight which means it is becoming increasingly difficult to work out what to do.

The Bank of England has maintained the base rate at 0.5% for a further month, swap rates and the Libor are falling which should mean mortgage rates may start to fall. However this is not likely to happen at present as banks are keen replace their falling profits.

If you are looking for a competitive offer Deal Direct recommend that you make a move now rather than hanging onto see what will happen. Failure to act now could mean you will miss out as rates rise over the summer.

For a competitive personalized mortgage quote call Deal Direct today.