UK Mortgage Rates Reach 15-Year High But Banks Remain Resilient

• Mortgage rates in the UK have hit their highest levels since 2008 due to rising inflation and Bank of England interest rate hikes.
• Higher mortgage rates are putting pressure on households, with millions facing payment increases when fixed-rate deals expire.
• The Bank of England says major UK banks are well capitalized and can offer options like payment holidays to struggling borrowers.
• Experts expect mortgage rates to remain elevated in the near term before declining later this year if inflation slows as projected.
• The full impact of higher interest rates on households and businesses has yet to be seen but the Bank will closely monitor the situation.

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