Mortgage rates in Britain hit 15-year high — with many fearful there’s more misery to come
PUBLISHED TUE, JUL 11 20236:49 AM EDTSam Meredith@SMEREDITH19
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KEY POINTS
- The average level of a two-year fixed deal now stands at 6.66%, according to figures from data provider Moneyfacts, a modest increase from Monday.
- It means mortgage costs are now at their highest level since August 2008 during the global financial crisis.
- “We suspect that higher mortgage rates will contribute to weaker economic activity in early-2024, and we are now not ruling out a technical recession in the first half of next year,” said Matthew Ryan, head of market strategy at global financial services firm Ebury.