Mortgage rates have fluctuated dramatically over the years, and you may wonder if the rates will start to come down. There are many factures which can influence the increase and decrease of mortgage rates. The good news is mortgage rates have start to come down since autumn last year and are expected to continue to fall. Some experts have predicted that’s this could ease the burden on people who already have mortgages who have without a doubt been faced with higher rates since last year’s mini budget.
While mortgage rates have dropped over the past months, there is still no way of actually really knowing how they will continue to unfold over the coming years. However, what we do know is that mortgage rates are higher than they were at the start of 2022. With the end of the pandemic and the cost of living crisis, these have all significantly declined the demand for the purchase of new homes.
Many experts in the industry have suggested that even if the Bank of England sets the base rate a bit higher, mortgage rates will still gradually start to fall over the course of the year and into next year. The reason behind this is the fact that most mortgage lenders are looking at possible future rates to help change things like fixed mortgage loans and they will work to keep interest rates as low as possible to help more people step foot into the housing market. There is also no doubt that many people are now wanting the housing market to make a recovery.