Mortgage Price War Looms as Lenders Vie for Buyers, Bringing Lower Rates But Faster Market
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Mortgage experts predict a price war among lenders, leading to lower interest rates and benefiting homebuyers. Lenders are trying to meet lending targets.
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A record 10,000 homes were newly listed for sale on Rightmove the day after Christmas, indicating a heating up property market.
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Mortgage brokers forecast that more lenders will reduce rates next week when staff return from holidays, to grab market share.
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Experts advise first-time buyers to move quickly on good deals, as the market may heat up later in 2023.
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Economists warn against trying to time the market perfectly - better to lock in a good rate when possible.