Hold on it could get a little `Volatile’ with mortgage rates

Trump`s war on Iran is hotting up.

Let`s not get too political here, whether you agree or disagree with the Don`s approach to World order is not the debate here. Rightly or wrongly, we have entered turbulent times. And it doesn’t just affect the Middle East! The fallout will affect all.

Oil prices dictate. And it’s starting to feed through to the petrol pumps, and ultimately this as mentioned in our `Do you stick or twist on your mortgage` post this will affect the mortgage rates in the UK and worldwide. But it’s the UK and our clients that we at Holistic care about.

The average 2-year fixed residential mortgage rate rose to 5.20% in the last 24 hours in the UK. The 5-year fixed rate is around the same. This has risen since the start of the Middle East events. 

Even if the `war` were to conclude today, by that we mean Trump calls a victory, the impact of such a devastating US and Israeli military operation will leave a chaotic chasm behind, particularly in Iran and surrounding countries. The cost of this will affect all of us in some way.

Back to mortgages, in the UK the City expectations are that on the 19^{th of} March (2 days’ time) it’s highly unlikely there will be a lowering of interest rates by the Bank of England. In fact, it’s all pointing towards a rise in rates over the short to medium term. Again, dependent on World events.

But the trajectory is currently pointing upwards.

So, if your fixed mortgage rate is up soon or your purchasing a new home and you are wondering where mortgage rates are at and what are the best deals, then we at Holistic Mortgage & Protection can help you.

Why not give Libby a call and talk through your mortgage options.