What was the Bank of England mortgage rate in 2008?
The average variable mortgage rate was 7.5%. In December 2008, the MPC dropped the base rate to 2%. The MPC dropped it again to 0.5% in 2009 where it remained for around seven years. At this point, the average variable mortgage rate was around 2.5%. In August 2016, Bank of England rate was at its lowest ever point: 0.25%.
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