Mortgage rate unchanged for May 2008
The bank of England has left the mortgage rate unchanged for May 2008 at 5% as expected in many quarters. This is the second hold in 3 months with the trend reduction - hold -reduction - hold.
Many people expect a drop next month to combat a slow in growth in the UK economy, with 3 cuts in the rate in recent months it is fair to expect another one in June. With the US facing a full-on recession the UK legislation makers will want do everything they can to avoid joining them….
Get the announcement for June 2008 direct from the source on 5th June 2008 from the Bank Of England