Summary

It looks like interest rates will soon be on the up - we explain why in this article.

Loans. Mortgages. Credit cards. Interest rates expected to rise

Speculation is rife and city experts have now decided that

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interest rates will be rising this year, possibly by as much as 0.5% by the end of the year. This will happen in two increments of 0.25%, and financial traders expect that the first rise will happen at the end of the summer in August.

Mortgage lenders have already responded to speculation and fixed mortgage rates are on the move. Mortgage deals now range from 4.15% to 4.48% for a two year fixed deal, and 4.49% to 4.64% for a three-year ( unsecured loans ) fixed. Credit card and loan interest rates don't usually rise until the announcement has been made, but you can bet that they will pretty swiftly when the time comes.

It wasn't long ago that financial experts thought ( car insurance quotes ) that a further drop in interest rates could be on the cards - so what has happened to cause this turn in events?

It's all about other forces within the economy that are putting inflation under pressure. The government aims to keep inflation at 2% a year, but energy prices are staying at an extremely inflated rate and ( travel insurance ) this is having an effect across the economy as a whole. Even though we are paying out more on fuel and household energy bills, it's not stopping us from spending money - new car registrations saw a rise of 7% in the first three months of 2005, and industry orders for new cars saw a rise of 13%. Business confidence is very high and it's the same in America, where despite the effects of rising fuel prices, the economy is still booming.

So the British economy is looking very strong, and export rates are increasing by 20%. The import ( pet insurance ) market virtually equals the export market. The quarterly survey carried out on the economy recently revealed that there are no signs of this growth abating for the time being.

For the normal UK citizen, we are usually quite unaware of what is going on in big industry. It's things like house prices that matter to us as they make a difference to our everyday lives. The housing market is still doing very well - so it's good news for existing homeowners, and yet more frustrating news for people that are trying to get themselves their first property.

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