![]() ![]() ![]() While the Bank Rate has a large influence on mortgage rates, banks usually set the price of a fixed-rate mortgage based on City expectations of the rate over the length of the fix, rather than setting it based on the rate at a given moment, and trade financial instruments based on those expected future rates to hedge against the risk that they are wrong. The decline in mortgage rates comes as the Bank of England raised its base rate to 5.25%. For HSBC, the price cut had been the second in just two weeks. Halifax will bring in new lower rates from Friday, following a wave of other lenders including HSBC, TSB and Nationwide lowering rates earlier this week. The UK’s biggest mortgage lender Halifax has become the latest to cut its mortgage rates, in yet another sign that prices are declining again after rising to 15-year highs. Brokers hope for ‘price war’ as UK’s biggest mortgage lender Halifax latest to cut interest rates The FTSE 100 closed up 0.8% at 7,587 today, despite China reporting deflation this morning.īP, IHG and Glencore were among the top risers, while Hiscox and Flutter - which both reported results today - led the fallers. Take a look at all the key market data as trading in London closes. Bellway and travel business TUI have also posted updates. Today’s corporate results include a profitable half year for Paddy Power owner Flutter Entertainment after it benefited from strong growth at its US-based FanDuel sports betting business. The 0.3% year-on-year decline in consumer prices for July comes a day after poor trade figures, when exports and imports both declined by double-digit percentages. European markets have risen despite figures showing China in deflation territory. ![]()
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