NatWest, Barclays, Accord, Leeds Building Society and HSBC have all announced rate increases today - amid concern interest rates may not fall as much as expected this year.Swap rates - which dictate how much it costs lenders to lend - have increased in the past week after US inflation came in higher than expected. Economists are divided about what this means for UK interest rates - with some pointing out that the UK economy is struggling far more, and therefore cuts are still imminent.
Responding to today's hikes, Elliott Culley, director at Switch Mortgage Finance, told Newspage: 'The rate rollercoaster rolls on. 'Just when the market appears to be picking up some momentum, there is a sharp change of direction. 'We are now seeing the spike in swap rates last week filtering through to the public as lenders raise their rates in response.
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Source: i newspaper - 🏆 8. / 89 Read more »