Make Some Noodle

Could interest rates be on the up again?

My sources indicate that we will be seeing another rate rise in June to push the Bank of England base rate up to 5.75% the highest it will have been in many years. The rates are set to be coming back to below 5% by the end of the year though (i hope so!). This maybe to encorage spending for Xmas.

This could be the worst news for homeowners and borrowers since the last rate increase. I should be ok as my credit cards are mostly paid off now unless they are on interest free promotions. My mortgage(s) are for 99% of them fixed rates for a good few years.

I can remember about 5 years ago when the rates were at about 3.5%, that was the time of the last housing boom. Good times for borrowers then, bad times for savers. Predictions for the future? I wouldn’t bet on any drastic changes to the rates, but then i’m slighlty biased as i could lose a lot of money if rates go up much more and stay up.

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