Your payments in 2024 will depend on what the interest rate is then. Most commentators expect the base rate to rise into 2023 and then fall again in 2024.Does anyone have an explanation of what interest rates mean and how it affects everything? We have a fixed mortgage which I believe ends in 2024 so will our payments go up then?
The UK 10-year gilt yield hit 3.392% on Thursday, its highest since July 2011, after the Bank of England lifted rates and said it would soon start selling government bonds. The 10-year yield has shot up roughly 250 basis points in 2022, and set for its biggest annual surge since 1994. Yields move inversely to bond prices.
Odey, whose eponymous firm Odey Asset Management manages 4 billion pounds ($4.52 billion) in assets, believes higher inflation is here to stay and central banks will need to raise rates faster, according to one of the sources, who asked not to be named because of the sensitivity of the matter.