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Mortgages to stay on hold

Date: 03 Feb 05

The cost of mortgages is expected to stay on hold this month.

The monetary policy committee is widely tipped to leave the base rate unchanged after high street sales over the Christmas period fell short of some expectations, reducing pressure for another rise.

Earlier suggestions that the base rate could be cut appear to have been quashed by recent data suggesting that consumers are still taking on record levels of debt.

While the housing market has slowed down, it is not thought that recent data will be sufficient to warrant a change in the MPC's recent policy.

Some analysts still believe that the base rate has now peaked and that the next move will be down.

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