NatWest, Halifax, Santander and Co-op Bank are increasing mortgage rates. Read this and all the latest consumer and economic news in the Money blog. Leave your money problem, or comment on any of our stories, below. Watch Business Live With Ian King in the stream below.
As three major lenders announce mortgage hikes , we thought now was a good time to give an overview of the market - and where rates are headed.Current average fixed mortgage rates are 5.78% for a two-year and 5.35% over five years , according to Moneyfacts.This uptick has been caused partly by rising swap rates - these dictate how much it costs lenders to lend.But, despite several weeks of turbulence on the high street, there has been no change to market forecasts for a first base rate cut.
The Bank of England withdrew language about further hikes in January - though its tone has remained cautious about cuts. Back then, six of its rate-setters voted for a hold, two for a hike and one for a cut.We'll hear more from them about their thinking when its next rate decision is announced a week on Thursday.Before then we have tomorrow's wage data - if this comes in high, it might encourage caution from the Bank, as high wages contribute towards inflation .
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