Interest rates may not have hit the peak, claim economists

Economists have warned that a further increase in interest rates may be brought in by the Bank of England this year.

With annual house price growth still in double figures, many experts believe that interest rates have yet to reach their peak. The base rate currently stands at 5.5%.

The Bank of England has not indicated how interest rates will change in the near future. However, mortgage brokers are currently pricing fixed mortgage rates based on the expectation that interest rates will hit at least 5.75%.

Some economists have claimed interest rates will reach 6% before they start to come down again.

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