Rolling coverage of the latest economic and financial news The average shelf-life of a UK mortgage has shrivelled, even before the surge in energy price hammered hopes for interest rate cuts. Data provider Moneyfacts has calculated that the average shelf-life of a mortgage fell to 14 days, on the first of March, the lowest since August 2023. “Borrowers looking to refinance would be wise to act quickly to secure a new deal, as the significant push in mortgage activity during February has led to a significant fall in the average shelf-life of a mortgage to just 14 days. This is a complete contrast to the notable seasonal slowdown in activity during January. However, since this data was captured, there has been a notable shift in swap rates, amid the unrest seen in the Middle East. It is worth noting that the average shelf-life of a mortgage has not been this low (14 days) for over two years, last lower for August 2023, at 13 days. This was just one month after a record low of 12 days recorded for July 2023. Continue reading...