Rate hold 'as expected' says CML
www.moneynews.co.uk > Mortgages > Rate hold 'as expected' says CML
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Money News |
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Rate hold 'as expected' says CML
Thu 5th Jun 2008
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The organisation said today's ruling of the Monetary Policy Committee to keep rates steady at 5 per cent was "no surprise".
CML director general Michael Coogan commented: "We expected the MPC to hold rates today as it wrestles to control rising inflation in a weaker economic outlook."
However, he added both borrowers and lenders remain under enormous pressure in the wake of the credit crunch and voiced hopes of Bank of England relief later in the year.
Many mortgages have been withdrawn and available rates have risen in spite of three rate cuts since December - the last a 0.25 per cent trim in April.
The shrinking mortgage market saw Britain's biggest lender Halifax today report further house price slumps of 2.4 per cent in May.
Related News : Mortgages |
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