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The Latest Breaking News on Rates probably on hold but all eyes on RBA governor

Average two-year fixed mortgage rate close to surpassing post-mini-budget peak

The typical two-year fixed-rate residential mortgage on the market has reached 6.63%, Moneyfactscompare.co.uk said.

The Independent UK

Hiring by UK firms slows amid ‘lingering economic uncertainty’

Sharp uplift in those looking for work reflects growing concern over economy, say analysts

The Guardian - UK

Second Wave Of Banking Crisis Incoming, Crash Could Be Worse Than 2008 Global Financial Crisis, Says Expert

Macroeconomic expert George Gammon says that a significant rise in bank borrowing from the Federal Home Loan Bank (FHLB) system

Zenger

From analysis to the latest developments in health,
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Comedian blasts Tories amid fears he'll lose his house as mortgage doubles

Adrian Thompson, who presents the Aid Thompsin and Other Disappointments podcast, hit out at the government amid rising interest rates.

Daily Record

Labour tells Jeremy Hunt his advisers must not undermine Bank of England

Exclusive: Members of Mr Hunt’s Economic Advisory Council said the Bank had ‘tried to be too cute’ by not being clear enough on the need for interest rates hikes

The Independent UK

Prolonged property slump looms as interest rates expected to top 6% until 2025

“ Our prediction for an 11% decline in residential house prices over 2023 doesn’t now seem so far away,” one expert said

Evening Standard

London house price slide gathers pace as values drop 2.6% in June

The fall in the London property market is gathering pace with house prices dropping at their fastest rate since the peak of the 2009 global financial crisis last month, latest figures showed on Friday.

Evening Standard

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Bank of England warned 7 per cent interest rates would send shock wave through housing market

A leading economist says there is ‘no need to panic’ as Britain is ‘not in an 07-08 scenario’

The Independent UK

10-year gilt yields: Key economic benchmark reaches highest level since 2008

The 10-year gilt is yielding 4.66%, higher even than the levels reached during the mini-Budget crisis.

Evening Standard

Interest rates could be hiked to 7%, experts warn - what it means for you

Last month, the Bank of England hiked rates by 0.5 percentage points to 5% which left a lot of mortgage holders worried and caused many homeowners struggling the costs

Daily Mirror

Bank of England’s governor accuses retailers of profiteering during cost of living crisis

Andrew Bailey has come out swinging against retailers and backed regulators

Evening Standard

FTSE 100 hits lowest closing level of 2023 as interest rate rise fears grip markets – business live

FTSE 100 index posts biggest one-day fall since March, as strong US jobs report fuels fears of even higher US interest rates

The Guardian - UK

Bank of England may have to hike interest rates to 7% to curb inflation, economists warn

Fears heighten for UK economy and household budgets as expert says ‘hard landing increasingly likely’

The Independent UK

Stubborn UK inflation may lead to 7% interest rates, economists warn

JP Morgan says risk of ‘hard landing’ for economy heightened, with higher borrowing costs hitting business

The Guardian - UK

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The Week

Why aren’t soaring interest rates bringing down inflation?

Rishi Sunak has blamed the high number of fixed-rate mortgages for his government’s failure to bring down inflation.

AAP

PM asserts budget created space for RBA to pause hikes

The prime minister says the federal government has done its bit to help the central bank fight inflation by banking revenue gains and controlling spending.

The Independent UK

UK mortgage rates spike to highest level since Truss tax plan spooked markets

Homeowners and renters in the U.K. are facing further grim news as mortgage rates hit levels not seen since unfunded tax cuts announced by the government last fall spooked investors

The Guardian - AU

Enjoy it while you can: July’s RBA rate pause is likely to be fleeting, unless a lot goes right

Inflation remains too high globally – and Australia’s may still be ‘out of whack’ by the time the board next meets in August

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The Guardian - UK

The UK’s housing market is hurting everyone. Time to rethink the whole thing

There appears to be no relief in sight for homeowners or renters – but there are things that can be done, says Josh Ryan-Collins, an associate professor at UCL

The Independent UK

Fears mortgage rates could hit 7 per cent as experts say rises are ‘out of control’

Bank of England urged to pause hikes and Sunak pressured to offer more support to homeowners facing ‘rolling financial thunder’

Evening Standard

New mortgages blow as five-year fixed rates top 6 per cent

Meanwhile the average two-year rate was on the brink of surging past the 6.5 per cent barrier

The Independent UK

Average five-year fixed-rate mortgage tops 6%

Across all deposit sizes, the typical rate on the market on Tuesday was 6.01%, according to data on Tuesday.

The Guardian - UK

Average rate on five-year fixed mortgage deal in UK climbs above 6%

Rate is at highest level since last November, and average two-year fix is now 6.47%

The Guardian - AU

Afternoon Update: RBA warns of more rate hikes; dogs rescued from ‘horrific conditions’; and Australia records 7th-warmest June

Cash rate pauses at 4.1% but governor says further rate rises are possible depending on the economy and inflation

The Conversation

The RBA has kept interest rates on hold. Here's why it'll be cautious from here on

The Reserve Bank decided to keep interest rates on hold at 4.1% because it thinks there’s a chance – just a chance – it has lifted them all it needs to.

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