Beyond the Palin
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Mortgage Rates Are Going Up 3% - Is That Really a Stress Test?
If you are going to fix right now, you're going to be paying one year ago on a 1% mortgage. Now that rate is near a 4%. So it's a 3% increase of the cheapest rates. And that's what people are going to come off and move on to. But those affordability checks, many will fail. I mean, the one saving grace at the moment is the such a backlog on repossessions in the courts - very difficult for lenders to repossess.
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