Mortgage rates rise despite no change in Bank of England Base Rate. The cost of short term fixed rates and the cost of tracker mortgages have revealed an increase over the last month, in light of the ongoing difficulties faced by the eurozone banking sector.
Cooper Associates comment:-
As stated in “The Mortgage Market 2012” E Newsletter, the rise of mortgage rates in light of the eurozone crisis was unavoidable, as lenders struggle against the cost of increased wholesale funding. However, it must be considered that despite these marginal increases, mortgage affordability, according to Halifax, remains at its highest for 14 years.
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