Summary
Mortgage rates continue to rise, affecting first-time homebuyers as many low-deposit mortgage deals are withdrawn. The current geopolitical situation, including the US-Israel conflict with Iran, has influenced financial markets, making mortgage rate predictions uncertain.
Key Facts
- Mortgage rates are increasing quickly, impacting borrowers.
- President Trump mentioned talks with Iran that briefly calmed markets.
- Low-deposit mortgage deals for first-time buyers are being withdrawn rapidly.
- The average interest rate for two-year fixed mortgages is now over 6%.
- Over 200 mortgage deals have been removed since March 6.
- Financial markets expected UK interest rates to go down before the US-Israel conflict.
- The average rate for a five-year fixed mortgage is now 5.52%.
- Lenders struggle to set mortgage rates due to market turbulence.
