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26.03.26 - 08:00
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Average UK mortgage rate rise to highest since August 2024 as Iran war pushes up borrowing costs – business live (The Guardian)
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Rolling coverage of the latest economic and financial newsConsumer confidence in the UK has “collapsed” since the start of the Iran war, according to new research from the British Retail Consortium.The sharp rise in energy prices caused by the effective closure of the strait of Hormuz and attacks on infrastructure in the region has led to fears of higher inflation and weaker growth across oil-importing countries.“The Moneyfacts Average Mortgage Rate has hit 5.50% - heights last seen more than 18 months ago, marking another unwelcome milestone for borrowers this month. These rising costs are in direct response to the conflict in the Middle East which has dramatically shifted market expectations around inflation and future interest rates, with lenders scrambling to keep up with rising funding costs.“Moneyfacts' analysis of more than 30 years of historic rates data shows mortgage rates have historically averaged around 1.5-1.75 percentage points above Base Rate. If a couple of rate rises materialise...
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