Mortgage Rates Rise Again
The continuing turbulence in the financial markets has meant that mortgage rates have risen again. Some banks had started to ease their rates over the past month, but the lack of liquidity in the financial makrets, with banks reluctant to lend to each other, has meant that interbank lending rates have risen, therby pushing up mortage costs again.3 lenders are today raising their rates: HSBC, Woolwich and First Direct. HSBC is looking to focus on borrowers with higher deposits, so while rates with smaller deposits have risen, those with a 25% deposit will be able to access lower fixed rate deals.
Analysts are expecting other lenders to follow suit.
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