The average shelf life of a mortgage product has plummeted to just 13 days this October, down from 14 in September. This rapid turnover is a result of lenders scrambling to reprice or withdraw products amid fluctuating swap rates, according to the Moneyfacts UK Mortgage Trends Treasury Report.
This year’s average shelf life stands at a mere 16 days, a stark contrast to the 43 days seen in 2019. The lowest point was eight days in April, following the US-Iran conflict's initial impact. Adam French, head of consumer finance at Moneyfacts, highlights the challenges this poses for borrowers and brokers. With rates bouncing like a yo-yo, and deals disappearing faster than you can say "fixed-rate," finding a competitive mortgage is trickier than ever.
The ongoing economic volatility, largely driven by the Middle East conflict, keeps swap rates—and consequently mortgage costs—on a rollercoaster. Each whisper of peace or escalation sends lenders into a frenzy, forcing them to adjust or pull their offers. Brokers are working overtime to guide clients through this whirlwind, but making confident decisions is no easy feat.
So, if you're hunting for a mortgage, act fast and stay nimble. This market waits for no one!
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