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Current Mortgage Rates in 2023
Current Mortgage Rates in 2023: FAQs
Will mortgage rates go down in 2023?
It is very doubtful that mortgage rates will go down during the remainder of 2023. It is predicted that the Bank of England base rate will continue to rise until the middle of 2024. Then we should see some decline in rates towards the end of 2024 and during 2025.
Should I fix my mortgage for 2 years or 5 years?
If you are looking for the cheapest deal right now, longer mortgage terms will result in cheaper interest rates. Therefore, opt for the 5 year deal. If you are looking to the future and want to be able to switch deals as soon as interest rates drop, then opt for a 2-year fixed deal.
Should I buy a house in 2023?
If you can afford the higher interest rates experienced by UK homeowners at the moment, then you should buy a house in 2023. There is less security when renting a property and your landlord could evict you or raise your rent in the foreseeable future.
However, if you do not want to pay higher interest rates, consider buying a property in 2025 once the Bank of England base rate has declined and stabilised.
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