Several broker indices are now reporting that average two and five year fixed rates have climbed by around 0.4% over the course of March so far. This is on top of the individual lender repricing noted in the earlier thread. The driver remains the same: swap rates have moved upward on the back of Middle East uncertainty and sticky inflation expectations, and lenders are passing that through quickly.
Anyone with an offer or product transfer expiring in the next few weeks should be checking whether their rate is still available. Professional advice is recommended before making any decisions.
Thank you for posting this, @CGT_Watcher. I feel as though I am watching this unfold in slow motion.
As some of you will know, our daughter managed to get Nationwide to extend her 4.29% offer, but only until the end of March. Her solicitor says exchange should be possible in the next fortnight, but “should be possible” and “will happen” are very different things when you are relying on a chain of three. If the rate has moved 0.4% in March alone, we are potentially looking at something close to 4.7% if she had to reapply today, which adds a meaningful amount to the monthly payments on a first purchase.
I confess I had rather hoped the rate hold last week would at least stabilise things, but it seems the opposite has happened. Very disheartening.