What is interesting about this is both the US and UK has seen an increasing of the gap between the poorest and wealthiest in the economy leaving them both fragile to a cost of living crisis. Economies that have a more progressive approach to narrowing the gap ride pressures on the economy...
After today's mini budget I'd be looking at the UK base rate graphs of 1980 to 1992. As an analogy of the Tour de France, we've just finished some flat stages and we're heading into the Alps...
Depends what you class as normal levels, historically the mean is probably around 4%. Dropping back to normal levels is just what we're used to since the financial crash. Trouble is if other central banks raise rates and get their inflation under control, our currency loses value so it's not...
Some providers will give you an agreement that will last 6 months on the rate at the time of applying. Might be worth securing one now, even if you come to next summer and the outlook has changed, at least get something in reserve at say 4% if we find the next summer rates have hit 5% or worse.
Households coming to the end of sub 2% fixed deals over the coming months are going to be finding the best fixed rates are going to have over doubled. You must be dealing with a lot of panic at present Uncle S.