Interest Rates to rise this week?

[monkeytassle]

I plan to have my mortgage paid off in the next 4-5 years and if interest rates did shoot up I'd just pay it off from savings but there must be millions of people who borrowed the maximum amount based on historic low interest rates.

If anyone thinks rates are going to 5% they are off their rocker. If they go beyond 1% in the next 5y I'll gladly eat my shoe

 

[Roker Mackem]

If anyone thinks rates are going to 5% they are off their rocker. If they go beyond 1% in the next 5y I'll gladly eat my shoe

Why do you think these rumours are coming out? Get people to panic and fix?

 

[Ciro_DiMarzio]

I plan to have my mortgage paid off in the next 4-5 years and if interest rates did shoot up I'd just pay it off from savings but there must be millions of people who borrowed the maximum amount based on historic low interest rates.

I was shocked when we moved 5 years ago by how much they said we could borrow. About £100k more than we needed. Had we borrowed that amount we would be have been nackered even with just a couple of % rise in interest rates.

 

[monkeytassle]

Why do you think these rumours are coming out? Get people to panic and fix?

Central banks try to use the Mervyn King Maradona approach. Say something do nothing. This time they've shit themselves in the foot.

 

[Edinburgh Black Cat]

Central banks try to use the Mervyn King Maradona approach. Say something do nothing. This time they've shit themselves in the foot.

Is that a technical term?

(Good call on the rates hold)

 

[Metalmicky]

No rise......... for now.

Bank of England hints at future interest rate rise

The Bank signals it will raise interest rates in "coming months", but holds off on an immediate increase.

www.bbc.co.uk

 

[Ciro_DiMarzio]

Central banks try to use the Mervyn King Maradona approach. Say something do nothing. This time they've shit themselves in the foot.

Do you reckon we will have low interest rates for decades?

 

[monkeytassle]

Do you reckon we will have low interest rates for decades?

Yes. Without question

 

[Big Jeff]

The Bank of England has signalled it will raise interest rates in "coming months" in response to high inflation, but held off on an immediate increase.
On Thursday, Bank policymakers voted 7-2 in favour of no change from the current record low rate of 0.1%.
Bank governor Andrew Bailey said the decision had been a "close call".
The Monetary Policy Committee (MPC) said there was "value" in waiting to see how the jobs market coped with the end of the furlough scheme.

 

[Ciro_DiMarzio]

Yes. Without question

Happy with that until my mortgage is paid off.

 

[Fletch]

If anyone thinks rates are going to 5% they are off their rocker. If they go beyond 1% in the next 5y I'll gladly eat my shoe

Can we bookmark this

agree though that they won’t rise much but anybody who claims for definite is a chancer .
I think they may rise next month 0.25

 

[monkeytassle]

Can we bookmark this

agree though that they won’t rise much but anybody who claims for definite is a chancer .
I think they may rise next month 0.25

I've put my money where my mouth is.

 

[Darlo1973]

Happy with that until my mortgage is paid off.

Low interest rates while paying off a mortgage and then high rates in retirement sounds a perfect combination.

 

[monkeytassle]

Low interest rates while paying off a mortgage and then high rates in retirement sounds a perfect combination.

Tell that to your kids

 

[Ciro_DiMarzio]

Low interest rates while paying off a mortgage and then high rates in retirement sounds a perfect combination.

Yes although it would be nice for houses to become more affordable over time too so my kids can own their own homes.

 

[Deleted User 11453]

Tell that to your kids

If interest rates are higher then housing costs might be lower.

E.g. I bought my first house for 50k in 2000 when interest rates were about 5%.

 

[Darlo1973]

If interest rates are higher then housing costs might be lower.

E.g. I bought my first house for 50k in 2000 when interest rates were about 5%.

I don't think there is a causal relationship between the two.

 

[monkeytassle]

If interest rates are higher then housing costs might be lower.

E.g. I bought my first house for 50k in 2000 when interest rates were about 5%.

Thats got nothing to do with interest rates

 

[Lambchops]

Thats got nothing to do with interest rates

Canny hike here today - just gonna pay our mortgage off rather than keep going at the higher rate once the fixed term runs out next year

 

[monkeytassle]

Canny hike here today - just gonna pay our mortgage off rather than keep going at the higher rate once the fixed term runs out next year

125bp wasn't it?