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12:20pm on Saturday, 28th September, 2013:
Fixed Rate
Anecdote
Going through our house records to see if we could find anything about a pipe running under our property (we couldn't), my wife found this mortgage advice from when we moved in in 1995:
That tempting 2-year fixed-rate 5.95% offer was because we were existing Halifax customers; others would get the still-attractive 6.25% rate.
Today, the equivalent mortgage rate is 1.84%, or just under a third of what it was in 1995. House prices, however, are more like three times as much as they were in 1995. If we follow this through, then should mortgage rates drop to 0%, houses will cost an infinite amount of money.
Yeah, sounds about right.
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Copyright © 2013 Richard Bartle (richard@mud.co.uk).