Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : British banks will likely raise interest rates because of the higher inflation

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August 20, 2005

British banks will likely raise interest rates because of the higher inflation

Looks like inflation is creeping back. Not surprisingly with the oil well over $60 a barrel. But many analysts were slightly off the mark forecasting lower interest rates just few days ago, especially after Bank of England announced .25 percent interest cut. Now Bank just said that core inflation was at its highest in a decade.

All this means according to Financial Times that mortgage rates are not going to go lower, at least in a foreseeable future.

Meanwhile, the average US interest rate for 30 year conforming mortgage went down last week to 5.80% from 5.89%.

Posted in Mortgages at August 20, 2005 06:25 PM

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