Well 3 years ago fixes for 5 year were 2.84%. Now they are 1.99% or 1.69% and that is with a slight rise. So still lower than what they were 3 years ago. I know because I fixed at 2.84%.
The mortgage market has been overly desperate to lend, loads of very cheap money sloshing about.
Its just not factually correct to say interest rates are the same as 3 years ago, because they aren't. You said they were the same, the BOE base rate isnt, and the highstreet lending rate isnt, I am not sure which rate you want to use
The very cheap lending is why companies are starting to exit the market. The supermarket chains were happy to move in when margins could be made, its virtually giving it away now as the margins are practically zero.
Its situationally dependent, the borrowing rates have been going up and down for sometime. They will go up sooner or later
The BOEs official position is that interest rates may go up or down post Brexit. Which is a bit LOL when you think about it.
