The housing market within the US and UK are soon to be going through changes resulting from increases in interest rates, which has not taken place in almost a decade. Although an increase in interest rates was likely to take place at some time, many are questioning the move due to a lack of inflation. The rise will be gradual in both countries, as it will cause adjustments in the amount of mortgage payments all house owners face.

Both economies are now in much better health than in the last few years which were the rebuilding and recovery years after great recessions. The economic crisis brought both economies to their respective knees and caused great waves of chaos in the housing markets.

Jobless rates in both countries have bounced back nicely and wage growth is stronger than it has been in years. Housing has strong demand, especially in the UK, even though supply is not running along at the same pace. House hunters are outnumbering houses in large quantities.

The first increase of base rate in the UK is expected to be 0.25%. This, added to the current rate of 0.5%, combines to form a total base rate of 0.75%. The current rate has been in existence for several years and has provided many families with the ability to own homes and other large purchases.

Those looking to remortgage are urged to move as soon as possible to make it possible to obtain a fixed rate mortgage loan product, assuring the lowest monthly mortgage payment amount as possible. The advantages of a remortgage can be substantial and many fine opportunities are still on the table from a variety of lenders.