Brokers are predicting that Donald Trump’s presidential win will help long-term interest rates spiral upwards. Could now be the time to fix your mortgage? Long-term mortgage rates for British homeowners are likely to rise within days following a surge in the cost of borrowing for lenders – aided by Donald Trump’s shock win in last week’s US presidential election. It has been predicted that 5-year and 10-year fixed rates will be the first to see prices go up, with lenders expected to start hiking costs next week! The price rises will reverse more than a year of lenders slashing mortgage rates in a bid to entice borrowers to remortgage.
Since Trump’s surprise win on Wednesday last week, swap rates have spiked – rising on a daily basis – with 5-year swaps at 1% today, reflecting the growing uncertainty around the world. Nobody knows what the future holds, therefore locking in to a 5-year fixed rate today gives at least a little bit of certainty until we’re out the other side of Brexit too…
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