Several experts have weighed in with their mortgage advice as news hit that the interest rate would not be changing. Many of these experts believe that inflation is a real possibility and their mortgage advice includes urging consumers to seek a refinance if at all possible in an effort to get better rates and stay afloat in these troubled economic times. For many however, this mortgage advice will do little, especially if banks will not cooperate.
Harvey Williams, West Midlands spokesman for the Royal Institution of Chartered Surveyors, accepted that “the threat posed by rising inflation pressures is too great to be lightly dismissed and a recession now looks a very real possibility.”
He added, though, “We continue to believe that knock-on effects on pay settlements will ultimately be very modest.
“Meanwhile, both survey reports and hard data point to further deterioration in the economy, with the beleaguered state of the housing market exacerbating the extent of the downturn in the West Midlands.
“The MPC will need to ease policy as further evidence emerges that rising food and fuel prices are not entrenched in the wage bargaining process. This should be visible later in the year.”
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