FLASH: BoE hike initially raising margins
- Quoted deposit rates were unmoved by the BoE rate hike. Since swap rates have dropped back, the spreads to mortgage rates have risen slightly, but the change may not be sustainable unless deposit rates start moving.- Divergent spread changes are supportive of interest rate margin for as long as it lasts. If sustained, this could encourage additional mortgage lending unless it reflects risk premia. Lower spreads instead, would also be hawkish.
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