Market Update - May 2024
Sam Norris, CEO of UnionX Group, Managing Director of Grand Union Finance & our Strategic Partnerships Adviser at Let’s NVST shares his monthly market update.
Finance Update: Current Mortgage Rates
We’ve seen some interesting shifts in mortgage rates lately. Just a few weeks ago, many experts were predicting that rates would start to drop. However, things have taken a different turn recently. Swap rates have spiked a bit, causing mortgage rates to steadily rise over the past week or so.
A couple of factors seem to be driving this trend. Firstly, the announcement of a general election has thrown a bit of uncertainty into the mix. Elections often shake things up in the financial markets, and this time is no different. Secondly, there’s growing chatter that the Bank of England’s Monetary Policy Committee might not cut the base rate as many had hoped when they meet on June 20th.
This combination of political and economic factors has made lenders more cautious, and as a result, we’re seeing these increases in mortgage rates. It’s a bit of a waiting game now, but it’s essential for property investors to stay on top of these developments. Even small changes in mortgage rates can have a significant impact on investment decisions.
We’ll keep you posted with any new updates, especially as we get closer to the Bank of England meeting. In the meantime, keep an eye on the market and consider how these fluctuations might affect your property investment plans.
Stay tuned for more!
Contact us today for a free consultation and unlock the full potential of your property investment journey through tailored financial advice.
Email: info@grandunionfinanceltd.co.uk
Phone: 0121 828 1400
