Mortgage Rate Hikes in July ‘Wiped Out Improvements Seen in Previous Month’
Moneyfacts said lenders’ rapid repricing cut average mortgage shelf-life to 11 days and lifted product availability to 7,357 deals.
- The average new mortgage rate rose to 5.59% at the start of August, according to Moneyfacts, marking the highest level in two years after July's wave of rate hikes wiped out earlier reductions.
- Conflict in the Middle East has fueled persistent concerns regarding interest rate outlooks, leading to volatility in swap rates that lenders use to price mortgage products.
- Mortgage product availability rose for a fourth consecutive month, reaching 7,357 total deals at the start of August, up from 7,177 options recorded previously.
- Finance expert Rachel Springall at Moneyfacts attributed the shift to lenders' swift re-pricing, causing the average shelf life of a mortgage to drop to 11 days from 14 days recorded last month.
- Compared to the eight-day lifespan during earlier mortgage turmoil in April, the current 11-day duration represents the lowest recorded this year, despite continued growth in available mortgage products.
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13 Articles
Evening Standard
Mortgage rate hikes in July ‘wiped out improvements seen in previous month’
At 5.59%, the average new mortgage rate at the start of August was back to where it was at the start of June, after a fall in July, Moneyfacts said.
Homebuyers are paying significantly more for a new mortgage this year than last year. For a 3.5 million crown loan with a 25-year maturity, the monthly payment has increased by more than a thousand crowns since March, according to Swiss Life Hypoindex. Mortgage rates are also continuing to rise, having increased for the fifth month in a row.
Homebuyers in the Czech Republic are paying significantly more for a new mortgage this year than last year. For a loan of 3.5 million CZK (144,318 euros) with a maturity of 25 years, the monthly payment has increased by more than 1,000 CZK since March, according to Swiss Life Hypoindex. In addition, mortgage interest rates continue to...
The average mortgage rate rose by 0.1 percentage point month-on-month to 5.42 percent at the beginning of August. It rose for the fifth time in a row and reached its highest level in the last two years. This is according to data from the Swiss Life Hypoindex, which is compiled based on offer rates at the beginning of each month. The methodology reflects...
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