Mortgages ‘to rise’ after Pound hits year low and borrowing costs soar in treble blow to Rachel Reeves

As the cost of borrowing grew, Paul Dales, chief UK economist at Capital Economics, said: “This will probably show up in a further rebound in UK mortgage rates from around 4.5% in December to just over 5.0% in the coming weeks which, together with rises in other borrowing costs, will restrain activity.”