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Average Mortgage Rates Remain Historically Low
In a time when economic uncertainties loom large, there is some good news for homeowners and prospective buyers in the UK. According to the latest data released by the Bank of England, borrowing costs remain at historically low levels, making it an opportune time for many to secure mortgages.
Unchanged Mortgage Rates
- Current Mortgage Rate: The average mortgage rate in the UK has remained consistent at just 2.09%.
- Unchanged Since 2021: This rate has not wavered since the start of the year, reflecting the steady state of the lending market.
Record-Breaking Gross Mortgage Lending
- Highest Monthly Total: March saw gross mortgage lending hitting its highest ever monthly total, reaching £35.6 billion.
- Continued Interest: With mortgage approvals still over 20% higher than the long-term (5-year average), the interest in moving home continues unabated.
The UK Base Rate
- A Year at 0.1%: The UK base rate has now remained stable at 0.1% for over a year.
- Inflation Below Target: With inflation consistently falling below the target and the economy still in the recovery phase, there is scant evidence that this rate will change in the near future.
Conclusion
The current lending environment in the UK offers unique opportunities for homeowners and buyers alike. The record-breaking gross lending and the unwavering mortgage rate make this a favourable time for those looking to secure a mortgage.
However, economic conditions are fluid, and while current data reflects a stable lending environment, it is always wise to keep a close eye on the market trends and consult with a mortgage professional.
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