How high will UK interest rates go? - December 2022

On 15th December 2022 the Bank of England (BOE) raised the base rate from 3% to 3.5%, its highest level in 14 years.
The Monetary Policy Committee (MPC) raised interest rates in an attempt to reduce the UK's annual inflation rate, which now sits at 10.7%, well above the target rate of 2%. The market is therefore pricing in further interest rate hikes in 2023.
The market is predicting that the Bank of England base rate will rise above 4% in early 2023 and as high as 4.6% by July 2023. That would mean that the interest rate on the best 2 year fixed rate mortgage could jump to around 5.6%.
In this video, I give my latest predictions on whether the Bank of England base rate is likely to increase in the coming months and if so, by how much.
Use our Mortgage Repayment Calculator to quickly calculate the impact of an interest rate rise on your mortgage payments
moneytothemass...
More information can be found in our article moneytothemass...
---------------------------------------------------------------------------
Since 2010 Money to the Masses has been helping people with their personal finances for FREE. Every year it helps over a million people but that's not enough. Help me help more people by sharing Money to the Masses with your family, friends and colleagues.
If you are looking to get your finances in shape then check out Damien's FREE Money MOT at mot.moneytothe...
---------------------------------------------------------------------------
Follow Money to the Masses on social media:
Website - moneytothemass...
Facebook - / moneytothemasses
Instagram - / moneytothemasses
Twitter - / money2themasses​​
#interestrates #remortgage #houseprices