Strong evidence is mounting for the Bank of England to back off the idea of an interest rate hike next week when the Monetary Policy Committee comes together for its monthly meeting. Although original mortgage lending has slowed slightly, it is another part of the economy which has the central bank hesitant about raising rates. The service sector as well as other sectors have slowed in the last few months, especially in the month of April.

Purchasing managers’ index increased to a level of 52.8 during the month of April. This is lower than the expected level of 53.5 which was forecasted by experts. A level of 50 and greater is the level indicating positive growth.

Manufacturing and construction sectors reported slow growth as well during the month which made even a stronger statement regarding next week’s meeting of the MPC. This news is a relief to many on the fence in regard to a major housing decision, but left savers disappointed.

Chris Williamson, economist with IHS Markit, commented on the economic data to surface, saying: “The services survey adds to signs that the rate of economic growth remained disappointingly subdued at the start of the second quarter.”

Williamson added: “The three PMI surveys collectively showed only a muted rebound in business activity after being disrupted by heavy snowfall in March, failing to regain February’s pace of growth to suggest that the underlying performance of the economy has continued to deteriorate.”

Remortgage demand remains strong in the wake of the news of slowing sectors. Many house owners are finding attractive deals with lenders of all sizes. Remortgage remains a strong choice for those in search of a lower interest rate on their home mortgage. The process is simple, straightforward, and can be done entirely online.