WILL INTEREST RATES RISE, AND WHAT COULD THIS MEAN FOR MORTGAGES? – RIGHTMOVE

If you’re thinking of buying a home, or are coming to the end of your current mortgage deal, you might be wondering what’s going to happen to mortgage rates over the coming months. 

The Bank of England will announce their next decision on interest rates on 23 March. The Bank’s Monetary Policy Committee meets around every six weeks to vote on whether to change its Base Rate, and by how much.  

Base Rate matters because it affects how much money people can earn on their savings, as well as how much they pay to borrow money, including for mortgages.  

In February, the Bank raised interest rates to 4% – the highest they’d been for 14 years. The 10 consecutive rises we’ve seen since December 2021 aim to reduce high levels of inflation, which is currently at 10.1%. The Government sets the Bank an inflation target of 2%, which is why it has said it will consider raising interest rates further, until inflation is under control. 

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