Following today’s interest rates news, James Burgess (pictured), head of commercial and insolvency expert at Atradius UK, says:
“The tide has finally started to turn on the cost-of-living crisis, as inflation surpasses ONS forecasts to drop to its lowest level in two and a half years. This will be hugely promising news for homeowners and buyers reliant on fixed-rate mortgages, who have been the hardest hit by rising costs and had been hoping for interest rates to fall.
“While we don’t expect the interest rate to fall until June, we should start to see a positive impact on fixed mortgage rates after today, as these are set based on interest rate outlook rather than today’s rate. If the interest and inflation rates do decrease as expected, we should see average two-year fixed-rate mortgages fall back below 5 per cent by June.
