UK mortgage rates hit a six-month high in March after the three consecutive rate hikes by the Bank of England, raising a threat to the buoyant housing market, official data revealed on Wednesday.
The 'effective' interest rate, which is the actual interest rate paid on newly drawn mortgages, increased by 14 basis points to 1.73 percent in March, the BoE said. This was the highest since last September.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.