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| Mortgage rates hit fresh 14-year highs | Mortgage rates hit fresh 14-year highs |
| (about 2 hours later) | |
| Mortgage rates continued to climb on Thursday, hitting their highest levels in 14 years, figures show. | Mortgage rates continued to climb on Thursday, hitting their highest levels in 14 years, figures show. |
| Average two-and five-year fixed rates jumped to 6.65% and 6.51% respectively as UK borrowing costs remained elevated amid continued economic uncertainty. | Average two-and five-year fixed rates jumped to 6.65% and 6.51% respectively as UK borrowing costs remained elevated amid continued economic uncertainty. |
| One analyst warned mortgages were a "long way" from beginning to come down. | One analyst warned mortgages were a "long way" from beginning to come down. |
| It comes as the Bank of England is expected to raise interest rates again in November in a bid to curb inflation. | It comes as the Bank of England is expected to raise interest rates again in November in a bid to curb inflation. |
| Consumer prices rose by 10.1% in the year to September, returning to a 40-year high as food, energy and transport costs climbed. | Consumer prices rose by 10.1% in the year to September, returning to a 40-year high as food, energy and transport costs climbed. |
| However, on Thursday the Bank's deputy governor questioned whether "dramatic" rises in interest rates would be necessary amid signs that inflation may be starting to stabilise globally. | |
| "Whether official interest rates have to rise by quite as much as currently priced in financial markets remains to be seen," Ben Broadbent told students at Imperial College London. | "Whether official interest rates have to rise by quite as much as currently priced in financial markets remains to be seen," Ben Broadbent told students at Imperial College London. |
| Housing slowdown warning after mortgage rates rise | Housing slowdown warning after mortgage rates rise |
| Mortgage rates have been rising for months as central banks across the world try to tackle inflation. | Mortgage rates have been rising for months as central banks across the world try to tackle inflation. |
| However, UK rates rose particularly sharply after financial markets reacted badly to government's mini-budget last month, which promised billions of pounds of unfunded tax cuts. | However, UK rates rose particularly sharply after financial markets reacted badly to government's mini-budget last month, which promised billions of pounds of unfunded tax cuts. |
| Lenders also suspended hundreds of mortgage products amid uncertainty over how to price these long term loans. | Lenders also suspended hundreds of mortgage products amid uncertainty over how to price these long term loans. |
| Researcher Moneyfacts said the number of deals available in the UK had recovered slightly to 3,128 - down from 3,961 on the morning of then Chancellor Kwasi Kwarteng's statement. | Researcher Moneyfacts said the number of deals available in the UK had recovered slightly to 3,128 - down from 3,961 on the morning of then Chancellor Kwasi Kwarteng's statement. |
| The number had dropped to 2,258 at the start of October, it said. | The number had dropped to 2,258 at the start of October, it said. |
| 'Stability' | 'Stability' |
| At least 100,000 mortgage holders per month are coming to the end of fixed-rate deals, and face steep rises in monthly repayments. | At least 100,000 mortgage holders per month are coming to the end of fixed-rate deals, and face steep rises in monthly repayments. |
| Brokers have said there is still demand for mortgages but lenders are wary of being swamped with applications while uncertainty in the economy remains. | Brokers have said there is still demand for mortgages but lenders are wary of being swamped with applications while uncertainty in the economy remains. |
| Bill Blain, from investment firm Shard Capital, said mortgage rates coming down depended on "when we can create stability again". | Bill Blain, from investment firm Shard Capital, said mortgage rates coming down depended on "when we can create stability again". |
| "There's a lot of work to get UK interest rates to come back down especially when we still face an enormous inflation threat," he added. | "There's a lot of work to get UK interest rates to come back down especially when we still face an enormous inflation threat," he added. |
| "The only way you can address inflation is by continuing to raise interest rates, so I think we're a long way from seeing mortgage rates start to come down." | "The only way you can address inflation is by continuing to raise interest rates, so I think we're a long way from seeing mortgage rates start to come down." |
| Has your mortgage been affected? Share your experiences by emailing haveyoursay@bbc.co.uk. | Has your mortgage been affected? Share your experiences by emailing haveyoursay@bbc.co.uk. |
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