Wholesale 10 year money market rates have risen to 2 % today. Both Bank of America and Deutsche Bank are predicting 2% ECB by next summer. I would encourage anyone with their mortgage provider if staying and not selling to consider fixing immediately for long term. I fixed with BOI under their 80% LTV last week at 3.3 for 10 years , AIB is 3.2 for 10 also. Last week the 10 year was 1.7 wholesale. This could look very attractive I'm the next few weeks predicting back street lenders to be at 3.6 plus and mainstream to be at 4.5 so likely no point in switching..
You should be able to break a fix at no charge and refix although the short term rates are negative so a small charge may be payable still so check the break cost. I was charged 2 euro by BOI when I paid 10k down to reduce balance with 3 weeks left till 2 year fix ran out! It was -.4 at the time of taking fix and something like -.5 for short term euribor hence the 2 euro cost
You should be able to break a fix at no charge and refix although the short term rates are negative so a small charge may be payable still so check the break cost. I was charged 2 euro by BOI when I paid 10k down to reduce balance with 3 weeks left till 2 year fix ran out! It was -.4 at the time of taking fix and something like -.5 for short term euribor hence the 2 euro cost
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