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Mortgage cost to stay low until 2013?
The cost of mortgages could be kept down by interest rates remaining at 0.5 per cent until the latter part of 2013 or later, an expert has said.
Economics editor at the Sunday Times David Smith stated markets had been predicting a rise in the base rate within nine to 12 months consistently since the rate was established at its record low figure in March 2009.
He stated: "It hasn't happened yet and I don't think it is going to happen for quite some time."
Mr Smith went on to suggest there will be no change before the middle of 2013 - when governor of the Bank Mervyn King is set to step down at the end of his term in office, remarking: "We seem to be in for a long period of very low interest rates."
The Monetary Policy Committee voted unanimously to hold the base rate this month, as they did in August.
These were the first instances of a 9-0 vote in favour of no change since May 2010.
Economics editor at the Sunday Times David Smith stated markets had been predicting a rise in the base rate within nine to 12 months consistently since the rate was established at its record low figure in March 2009.
He stated: "It hasn't happened yet and I don't think it is going to happen for quite some time."
Mr Smith went on to suggest there will be no change before the middle of 2013 - when governor of the Bank Mervyn King is set to step down at the end of his term in office, remarking: "We seem to be in for a long period of very low interest rates."
The Monetary Policy Committee voted unanimously to hold the base rate this month, as they did in August.
These were the first instances of a 9-0 vote in favour of no change since May 2010.
Published: 28/09/2011
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