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Mortgage Interest Rates

Volume 884: debated on Wednesday 22 January 1975

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asked the Chancellor of the Exchequer if there has been any change in short-term interest rates since the building societies last put up mortgage interest rates.

The rates recommended by the Council of the Building Societies Association were last increased in September 1973. Since that time short-term interest rates have fluctuated, generally rising to a peak at the end of 1973 and the beginning of 1974 and subsequently declining. Most rates are now slightly lower than in September 1973. I would refer my hon. Friend to Table 112 of the December issue of Her Majesty's Stationery Office publication "Financial Statistics", which shows the changes for a range of short-term rates for the period up to the end of November 1974.