Money Box Live: Mortgage Affordability
Money Box
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The Rise of Interest Rates
Banks are pricing their fixed rate mortgages on the expectations of where interest rates will be in the future. The proportion of people with a mortgage has actually come down over time, it's now about 30%. This means that ultimately the pain of high interest rates is being shared by less people. That's probably one of the reasons why interest rates are having to rise much further than anyone expected a year or so ago.
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