Economic Watch: Bank of England cuts interest rate to 2-year low in struggle to boost economy

Economic Watch: Bank of England cuts interest rate to 2-year low in struggle to boost economy

Economic Watch: Bank of England cuts interest rate to 2-year low in struggle to boost economy

Borrowers turn away from 10-year fixes as searches soar following rate cut - Twenty7tec

Borrowers turned away from 10-year fixed mortgages, which made up just 12% of searches on 7th August, research from Twenty7tec found.  This was down from 13.14% in July and well below the year-to-date average of 20.6%. On the same day, after the Bank of England (BoE) cut the base rate to 4%, mortgage searches jumped 4.4% to 72,925, compared to the previous week’s daily average of 69,863.  In the week before the rate change, activity slowed as to…