From Yahoo Financial News interest rates are set to rise by 25pct to 5.75 on Thursday.

They are expected to reach 6.00% by the end of 2007.

..it’s just as well I switched my mortgage from a variable rate tracker to a 2 year fixed rate product. My mortgage will now stay at 5.44% for the next 2 years.

I can’t imagine rates will drop over the next two years so I will have to shop around in a couple of years for the best rate but in the meantime I stand to save by comparison to the tracker mortgage I have just left behind.

And lucky me, I am friends with a mortgage advisor and have not been charged a fee…!

Doesn’t sound fair but I do occasionally recommend them to friends… 

I think I was lucky to get this rate too. The mortgage market has been fluctuating like crazy over the last few months. I was offered a better rate about a week before but when I finally had time to look at it, the offer had been withdrawn!