Rightmove comment on Base Rate hold

May 9, 2024
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The Bank of England holds interest rates at 5.25% despite hopes of a cut after a majority decision of 7-2 at its Monetary Policy Committee voted in favour of keeping the status quo at a meeting yesterday.

Homeowners hoping for a drop in their mortgage repayments will be disappointed by the Bank of England’s decision to keep the base rate on hold, but there are strong hints a base rate cut is coming.

Matt Smith, Rightmove’s mortgage expert said: “After a few weeks of mortgage rate increases, we’ve seen early signs that this current run of rate increases has peaked and we’d expect that average mortgage rates will begin to trickle down again soon. Inflation still seems to be heading in the right direction, a position that the Bank has highlighted in its decision today, with a view that it will fall below the 2% target in the coming months. The market is still assuming that the first Base Rate cut will happen in the Summer, and today’s decision is unlikely to change that view. All eyes now turn to the publication of April’s inflation data, which is the next key milestone and is likely to determine the immediate direction of mortgage rates in the UK.”

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

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