This graph shows how interest rates have changed over the last 20 years. Read about how today's rise could affect you here:
monthly changeThe information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given.
But although this means savers get a higher return on their money, interest rates are not keeping up with rising prices.Why does increasing interest rates help lower inflation?Prices have been going up quickly worldwide, as Covid restrictions eased and consumers spent more.
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