Week sees major lenders increasing rates: Moneyfacts

Nov 15, 2024 · Week sees major lenders increasing rates: Moneyfacts . By David Burrows in Banks, Building societies, Market news, Mortgage lending figures ... And as Moneyfacts spokesperson Caitlyn Eastell points out with many of the biggest lenders altering their ranges, …

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1 day ago · The average rate on a standard, 30-year fixed mortgage was 7.04% in the week …

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FAQs about Week sees major lenders increasing rates: Moneyfacts Coupon?

Why did mortgage rates top 7% this week?

Link Copied! Mortgage rates topped 7% this week, a key psychological threshold, in a sign of the US housing market’s unrelenting affordability challenges. The average rate on a standard, 30-year fixed mortgage was 7.04% in the week ending January 16, according to a survey of lenders released Thursday by Freddie Mac. ...

How much have mortgage rates risen over the past month?

Over the past month, average mortgage rates on two- and five-year fixed rates rose by 0.13 and 0.19 percentage points, to 5.52 per cent and 5.28 per cent respectively. This, it says, was the biggest monthly rise to the five-year fixed average rate since August 2023. ...

Which lenders have increased the cost of a mortgage?

Major lenders such as Halifax, HSBC, Santander and Virgin Money are among those to have increased the cost of their deals. The sharpest rise has come from Accord Mortgages - the broker-only arm of Yorkshire Building Society - which has upped its fixed rates by up to 0.77 percentage points. ...

Are fixed mortgage rates on the rise?

Lenders such as Halifax, Newcastle Building Society and Kensington are among those to have deleted products, while some smaller-scale providers have pulled their entire fixed-rate range. Rachel Springall, finance expert at Moneyfacts, said: 'Product choice has started to fall, and as may be expected, average fixed mortgage rates are on the rise. ...

What's going on with mortgage rates?

The average rate increased to 6.27% from 6.14% last week. A year ago, it averaged 5.76%, Freddie Mac said. The uptick in the cost of home loans reflects a rise in the bond yields that lenders use as a guide to price mortgages, specifically the yield on the U.S. 10-year Treasury. ...

Why are lenders adjusting their mortgage deals & upping their rates?

As a result, lenders are adjusting their mortgage deals and upping their rates. Nationwide has hiked its fixed rates by up to 0.45% to ensure they 'remain sustainable', and a host of other providers have followed suit. Major lenders such as Halifax, HSBC, Santander and Virgin Money are among those to have increased the cost of their deals. ...