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

Mortgage ‘ticking timebomb’ I warned of has exploded, says Martin Lewis

Comments come as data shows average two-year fixed rate rises to 6.07%, and five-year to 5.72%

The Guardian - UK

Chancellor to meet lenders later this week over mortgage rates crunch

Jeremy Hunt told the House of Commons he would be asking what flexibilities might be possible.

The Independent UK

‘Per capita recession’: Banks forecast longer downturn as more interest rate rises loom

Australia facing a multi-year per capita recession and even a quarter of negative economic growth in early 2024 with higher interest rates.

The New Daily

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Martin Lewis says mortgage ticking time bomb is now exploding

Martin also says that he could not see a Government mortgage rescue package being brought in, as rates continue to rise

Chronicle Live

Is it Time for a Market Correction?

Despite the current market euphoria, the data is painting a concerning picture for the markets going forward. While the Fed has paused rate hikes for now, the impacts from previous rate hikes have yet to work through the financial system. The data, technical analysis and fundamentals may be pointing to…

Barchart

‘Finely balanced’: June interest rates hike was sparked by fresh inflation fears, minutes reveal

The Reserve Bank's decision to raise interest rates to a fresh decade high in June was "finely balanced", minutes reveal.

The New Daily

RBA says decision to lift interest rate in June was ‘finely balanced’, easing expectations of further hikes

Minutes from RBA meeting on 6 June show the board was concerned about the ‘considerable uncertainty regarding the outlook for household spending’

The Guardian - AU

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UK ‘hurtling into mortgage disaster’ as rates near highs seen during Truss turmoil

‘No one’s at the helm of the ship, we don’t know where we’re going to end up,’ warns one mortgage broker

The Independent UK

‘Mortgage stress’: New home owners squeezed hardest as repayments skyrocket

Many new homeowners could see half their incomes consumed by mortgage repayments in coming months as the RBA hikes rates.

The New Daily

Interest rates could rise to 6% as City fears Bank of England losing inflation battle

The picture could get significantly better or worse this week with two key economic events on the calendar

Evening Standard

Mortgage costs could rise by an average of £2,900 a year for 800,000 people

The Resolution Foundation predicts that the Bank of England's base interest rate could peak at nearly 6% by next year - currently, the base interest rate is 4.5%

Daily Mirror

Mortgage mayhem goes on as two-year rates cross 6% threshold

It comes as Rishi Sunak this morning signalled there will not be any extra help given to people struggling with mortgage payments

Evening Standard

‘This is going to sting’: What would a mortgage crisis mean for homeowners and renters?

Current rates of nearly 6 per cent causing equivalent ‘stress’ to double-digit rates of 1980s, Andy Gregory writes

The Independent UK

Sunak rules out mortgage support as he urges banks to help struggling homeowners

PM wants banks to offer ‘bespoke support’ – as average two-year fixed-rate mortgage hits 6% and lenders pull deals

The Independent UK

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Evening Standard

Average two-year mortgage interest rate hits 6% as Rishi Sunak rules out homeowner help

The average 2-year fixed rate mortgage rate climbed to 6.01% on Monday in a fresh blow to homeowners and first-time buyers

The Guardian - UK

As mortgage rates surge, the Tories are losing their reputation for economic competence

The party is tearing itself to pieces as terrified borrowers face a new age of insecurity

The Guardian - UK

Millions are facing soaring mortgage rates. How did we leave them so vulnerable?

Homeowners in Britain are especially at risk because of a shortage of long-term loans. The sooner the Bank of England acts to fix this the better

The Guardian - UK

Mortgage ‘catastrophe’ will lose us the election, warn Tory MPs

Members in marginal seats fear Conservative party leaders have not understood the impact of rate rises

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The Guardian - UK

Sunak, Hunt and homebuyers brace for an economic Big Wednesday

The midweek inflation bulletin could be the most significant piece of government data published this year

The Independent UK

Brexit to blame for soaring inflation, former Bank of England boss says: ‘We told you so’

Mark Carney says there is ‘no joy’ in laying this out as ‘people are having to live with that reality’

Evening Standard

Annual mortgage repayments set to rise by £2,900 on average, says think tank

Total annual mortgage repayments could rise by £15.8 billion by 2026, the Resolution Foundation said

The Independent UK

More mortgage misery as average bills to rise £2,900 next year

Homeowners facing ‘mortgage crunch’ next year as lenders hike price in response to rising interest rates

The Guardian - UK

UK homeowners face huge rise in payments when fixed-rate mortgages expire

More than 2.4m deals are ending in 2024, raising fears of financial timebomb

The Guardian - UK

What are the best options if you are looking for a mortgage?

With interest rates predicted to rise again and cost of fixed-rate deals on the up, here’s what you need to know

The Independent UK

IMF head welcomes Europe's interest rate hikes in campaign against inflation

The head of the International Monetary Fund has praised the European Central Bank’s decision to raise interest rate for the eighth time in a row

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