Mortgage rates expected to rise
This is a news story, published by The Times & The Sunday Times, that relates primarily to the Office for Budget Responsibility news.
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Average mortgage ratesThe Times & The Sunday Times
•Mortgage rates to stay high until 2029, says OBR
72% Informative
Average mortgage rates are predicted to rise from about 3.7% this year to a peak of 4.5% in 2027 .
This is 0.3% higher than previously predicted by the Office for Budget Responsibility .
Higher borrowing costs mean fewer people will be able to afford to buy, so house price growth is expected to slow down slightly.
Landlords and second -home buyers dealt a blow when the chancellor announced a surprise rise in stamp duty.
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