10% surge in mortgage searches following interest rate hike

Following the latest Bank Rate projections of 5.75pc and 6pc, Twenty7tec, the leading adviser tech provider, has found that there’s a 10% bump in mortgage searches the week after a rate hike compared to the mortgage searches the week before.

The data shows that on the day of a rate hike, mortgage searches are 8.89% higher than the day before.

“We’ve run the stats and have seen that there’s a 10% hike in mortgage search activity the week after the announcement compared to the week before.

“If the market has called it right, Mortgage advisers are going to be busier than usual from Friday.

“And lenders will, of course, be busy thinking about how to modify products.

“The vast majority of lenders now make adjustments within the first 24 hours of a rate rise.

“Our team will be working hard to ensure that advisers and house buyers get the very best information as soon as we hear from the Bank of England.”

Kindly shared by Twenty7tec

Main article photo courtesy of Pixabay