Bookmarks
Archive
« Can I get a annual mortgage rate in Turkey for sterling lower than 7%?
How do I get the lowest mortgage rate? »

 

Does my mortgage rate go down if interest rates are cut?

STARYDYNAMO asked:


Sorry to ask the shocking stupid question! I am coming to the end of my mortgage term ( end of September) and am wandering if the mortgage rates will go down (currently for at 6.99%). Do you think it will go down by this time? I am in the UK.

Anthony

Tags: , ,

This entry was posted on Saturday, March 28th, 2009 at 9:30 am and is filed under Mortgage Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

6 Responses to “Does my mortgage rate go down if interest rates are cut?”

  1. katt121 Says:
    March 30th, 2009 at 3:40 am

    Victoria

    I’m looking at getting a new mortgage in september. My advisor told me they had gone down .1% in the last few months they are likely to fall again. The cheapest I can find at the mo is 6.5% - first direct.

  2. Lady Mala Says:
    April 2nd, 2009 at 1:55 pm

    Lillie

    In the US, only if it’s an adjustable rate mortgage (ARM). It jumps from some ridiculously low rate up 4 or 5 points. People are losing their houses, they can’t afford the new payments.

    Glad I got my 20-year fixed.

  3. FRANK Mortgage Broker Says:
    April 4th, 2009 at 4:56 pm

    Jackie

    Get your mortgage, and see how the mortgage rate will be based. For example, if it is LIBOR, plus a margin, then calculate what it would be today. You can also call your current lender, and ask them what the anticipated rate is. Rates are not expected to increase between now and September.

    If the rate is going to increase, then I suggest that you begin the process of applying for a fixed mortgage. You can settle when the new mortgage rate was scheduled to begin. To give you an idea fo what to look for, our rates for 30 year fixed are now about 6.375%. I do not do loans in UK, so do not think this is a solicitation to apply with me. Good luck!

  4. raysor Says:
    April 7th, 2009 at 7:21 am

    Robin

    Yes they might do. They definitely will not go up. If I knew the definitive answer I could make a lot of money!
    Basically the UK economy is showing negative growth and although inflation his running high (5%) the BoE could reduce rates to stimulate the economy. If they raised rates it would have a disastrous effect.

  5. vijayamohananb Says:
    April 8th, 2009 at 1:55 pm

    Yolanda

    please visit my site then you get a lot of answers about real estate problems.

  6. Ed Atun Says:
    April 9th, 2009 at 11:47 pm

    Crystal

    If your rate was artificially low, it will go up even if rates in general go down. Otherwise it will follow the market. /

Leave a Reply

Search
Categories