Today, inflation figures have been released demonstrating that inflation fell sharply to 6.8% in July 2023, down from 7.9% the month previously.
The downward trend is very promising, in my opinion, considering we were at over 11% in the UK in November 2022.
We've seen the Bank of England increase their interest rates frequently in order to ease inflation - with the current rate at 5.25%. Speculation continues on what figure it will peak at, and when.
In the mortgage market, in the weeks leading up to today (16th August 2023) we have seen some fixed rates being reduced by lenders, but many 2 year rates are still sitting in the 6%s, whereas some 5 year fixed rates are now in the 5%s.
The coming weeks, and months, will continue to be ones to watch.
Here at Fowler Smith, we'd be more than happy to answer any questions you have about interest rates, whether it is likely to affect you or not, or to discuss the right time for you to start your remortgage if you already have a mortgaged property.
By Jonathan Fowler
01206 635 550