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Bank Rate Holds Steady: What It Means for Mortgages

Bank Rate Holds Steady: What It Means for Mortgages

The Bank of England has maintained the Bank Rate at 5.25% for the fifth consecutive time since its last increase in August, signaling a cautious approach due to cooling inflation, which has dropped to 3.2% in March from a high of 6.7% last September. Despite this decrease, experts do not anticipate a reduction in the Bank Rate until possibly autumn, affecting mortgage rates and housing market dynamics. Current mortgage rates vary, with the average cost of a two-year fixed rate at 5.10% and a five-year deal at 4.84%. Mortgage availability has also seen a slight increase, with 6,307 residential mortgage deals available as of April 1. The article provides insights into how the Bank Rate influences mortgage costs and offers a detailed guide on navigating mortgage options through an online platform.

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