Acre has seen a 60% increase in mortgage applications to lenders so far this week (w/c March 10), as geopolitical events continue to wreak havoc on the markets.
Acre suggests that “homeowners are getting nervous about losing the last interest rates below 4.0%.”
It explains that the data not only shows the big jump in the number of mortgage applications, but also in the number of new cases.
Refinancing in particular is the driving force behind this increase, the report emphasizes.
Acre’s data shows a 30% increase in new cases as consumers take earlier-than-expected steps to lock in rates, with a spike in bond swaps and a potential rise in the Bank of England’s base rate on the horizon.
Acre head of product innovation Rueben Thompson says: “As always, mortgage brokers have their ears to the ground and are working harder than ever to ensure their customers get the best rates.”
“Seeing in the data how brokers respond so quickly to changes in the market is further evidence of the value intermediaries provide for their clients.”
Earlier today, Principality Intermediaries, Nottingham Building Society, Accord Mortgages and Kensington Mortgages they all announced they would be withdrawing and repricing the mortgage series.
The average fixed rate residential mortgage has now surpassed the 5% mark due to the ongoing conflict in the Middle East, with many lenders reconsidering their prices.