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Public think interest rates will increase by 2011
With many experts believing that interest rates will remain at 0.5 per cent for the 19th consecutive month more than two thirds of people believe it will have risen by this time next year, according to a survey by Fair Investment.
Results of the poll reveal that 69 per cent respondents said they thought the base rate would rise with only 30 per cent saying it would still be at its current historic low rate in August 2011.
Peter Williams, executive director at the Intermediary Mortgage Lenders Association, thinks that modest rises need to start straight away to begin the march back to a sense of normality.
Those looking for better interest savings rates may have to wait a little longer as savings rates have continued to decline despite the base rate remaining the same so a slight increase may not result in higher saving rates.
Nick Scarrett, head of investment and pensions at Fair Investment, said: "Savers should consider getting a fixed-rate savings account before savings rates fall any further, while borrowers should just take advantage of low loan and mortgage rates."