Until last week, most mortgage lenders had been consistently upping rates
HSBC is among several mortgage lenders announcing cuts to rates in what brokers say is “encouraging” news for homeowners.
Prior to this, mortgage lenders had been increasing rates for weeks, after the policies in the Budget sent predictions for inflation upwards, and swap rates – which are what fixed mortgages are based on – went upwards as well.Nick Mendes of broker John Charcol said: “HSBC’s adjustments reflect a steadier market, with swap rates stabilising and holding lower in recent days.”
“With no changes to other interest rates at this time, all eyes will be on whether more lenders follow suit in the coming weeks. For now, HSBC’s rate cuts are a strong signal that the market is gradually moving towards stability after a challenging few months for both lenders and borrowers.”
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