Homeowner pain as mortgages soar above 6pc again [Yahoo! Finance]
HSBC Holdings, plc. (HSBC)
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Source: Yahoo! Finance
The number of mortgages with rates over 6pc has increased by 10pc since the start of March, according to analyst Moneyfacts. Major lenders including TSB, Halifax and HSBC have increased prices on a selection of their mortgages over the past two weeks as swap rates – the main pricing mechanism for home loans – have continued to rise. First-time buyers are likely to be the worst affected as it is loans for those with the lowest amount of equity – 5pc and 10pc – which have the highest rates. The average two-year fixed rate for buyers or owners with 5pc equity is now 6.02pc according to the latest data from Rightmove, up from 5.98pc a week ago. The fixed rate increases come as expectations about when the Bank of England will cut its Bank rate have been pushed back from the spring to summer, leaving borrowers in limbo about when they are likely to see costs come down. At the same time all eyes are on the US Federal Reserve and when it will start cutting interest rates . Inflatio
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- 5/3/24 - Form 6-K
- 5/3/24 - Form 6-K
- 5/1/24 - Form 6-K
- HSBC's page on the SEC website