/24-7PressRelease/ - LONDON, UK, June 15, 2006 - According to a new research, fixed rate mortgages are losing its allure because of rising interest rates. On the other hand, tracker rate mortgages are catching up fire and becoming exceedingly popular because of reduced rate of interest. The unexpected hike in interest rates is the outcome of the buzz that is in the air since last month about the possible hike in base rate, according to online comparison site Moneyfacts.
Since last one and half years, fixed rate mortgages have done well because of cheap rate. Nevertheless, base rate interest is very much apparent, providers are readying themselves to face the bare fact.
Lisa Taylor, a Moneyfacts analyst, said that since tracker rates are lower than fixed rate mortgage consumers were preparing themselves to pay a fixed premium for their peace of mind and avoid uncertainty and risk. she further added that due to intense competition in the market fixed rates premium has been thwarted and virtually same rates can be found in other mortgage deals.Moneyfacts have predicted that the interest rates of fixed mortgage will be around five percent whereas ,tracker rate mortgage deals will be available at 4.75 percent or even less than that.
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