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Market Overview: March 2008Easter is usually the time of year when the mortgage market wakes up and homebuyers start to move in earnest. Usually, it also heralds a change in climate and a real upswing in the mood of homebuyers, estate agents and lenders alike. This year, Easter has come early. In fact, we are told it is the earliest Easter since 1913 and, in the same way that the housing market is struggling to deal with the early Easter, so the mortgage market and borrowers are struggling to deal with the unusual circumstances we are coping with. Base rate held at 5.25%The Bank of England Monetary Committee voted on 6 March to keep interest rates at 5.25%. This decision did not come as any real surprise - it was widely expected base rate would stay the same. The previous change was a reduction of 0.25% to 5.25% on 7 February 2008. |
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