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Are Interest Rates set to Rise Late 2017

Rising Mortgage Rates

Mortgage Rates set to Rise NI

Homeowners across all of the UK were warned yesterday that interest rates are set to rise in November 2017 after inflation hit a 5 year high.

The overall rise in the cost of living hit 3% in September and is currently at its highest level since March 2012 according to the consumer price index.

Th higher rate of inflation squeezes families on a budget as the price of everyday items steadily increases.

The Bank of England has a duty to try and maintain the rate of inflation to no more than 2% and its govener Mark Carney must now write a letter explaining why they have failed to do so.

Raising interest rates is one tactic used by the Bank of England to combat rising inflation and it is now expected that the Bank of England will hike interest rates from their current level of .25% in November.

 

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