WILL UK MORTGAGE RATES GO DOWN IN 2023? – TIMES MONEY MENTOR

UK mortgage rates are on the rise amid fears of further interest rate hikes. We look at today’s average deals, what’s happened in recent days and if mortgage rates will fall in 2023.

The UK mortgage market peaked last autumn when rates reached 6.94% in the wake of Liz Truss’s disastrous mini-budget. While they have come down since they remain volatile as consecutive interest rate rises hit the housing market.

Mortgage deals have gone up in recent weeks fear further interest rate hikes. On 30 May the average two-year fixed rate was 5.38% and today (12 June) it had risen to 5.86%, according to financial advice site Moneyfacts.

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