Best viewed on a device with a bigger screen...
The effective interest rate on the stock of mortgages rose by only 11bp in H1, but will jump by 30bp in H2...
...and by a further 30bp over the course of 2023, if markets are right about the path for risk-free rates.
Firms still are very exposed to movements in short- rates; the transmission mechanism remains powerful.
This publication is only available to UK Economic Research (Monitor) subscribers
Pantheon Macroeconomics produce daily publications for U.S., Eurozone, Latin America, UK and Asia, as well as analysis on key data within a few minutes of their release.
bank rate, bonds, businesses, cash, debt, disposable income, economy, hawks, house price, house price index, house prices, households, income, index, interest payments, interest rate, June, loans, ltv, markets, mortgage, mortgage debt, mortgage lending, mortgage rates, mortgages, mpc, new mortgages, official house price index, q2, refinancing, remain, savings, unemployment, Pantheon Macro, Pantheon Macroeconomics, independent macro research, independent research, ian shepherdson, economic intelligence