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Best value mortgages on the market are trackers and discounts

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The MPC (Monetary Policy Committee) today decided to freeze base rate at 4.5 per cent. The head of successful mortgage broker and independent mortgage adviser John Charcol, Ray Boulger, summarised the decision.

Mr Boulger called the housing market steady, and pointed out that the rising national figures have masked some regional fluctuations. As Mr Boulger said: The MPC will have factored in the probability of the year-on-year house price indices falling in the autumn as the strong growth seen in the last four months of 2005 falls out of the year-on-year figures. The expectation was for �no-change�, and the MPC will have restored confidence in this with their decision.

Whether the base rate will increase over the coming year remains to be seen. Predictions from the money market do point towards an increase in base rate before the end of the year. However, Mr. Boulger indicated that this is not a foregone conclusion. As he said: next month�s quarterly inflation report will be the key influence on the Bank�s interest rate policy for the following three months.

Mr. Boulger said that despite the fact fixed-rate mortgages were now more expensive demand remains high. He praised tracker and discount mortgages as being the cheapest deals.

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