Almost one million households may be unable to pay their mortgages next year, the Bank of England has warned. The average mortgage now carries an interest rate of more than 6 per cent, compared to 2.35 per cent a year ago. That could drive mortgage rates higher. Surging house prices and higher household debt means families spend a greater proportion of income on mortgages than ever. Today’s average mortgage rates of 6.43 per cent are equal to a rate of 25.7 per cent in 1980, Leeds claimed.

Source: Daily Mail October 13, 2022 01:08 UTC