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The need to get a mortgage refinance has become much more keen in the past few months as rates continue to climb. Those stuck with high rate loans should not wait to get a mortgage refinance, according to the experts that warn foreclosures are on the rise. Mortgage refinances may put a stop to foreclosure proceedings if they are obtained in time.

“With a sharp rise in the consumer price index last month and the bank predicting that inflation will rise to 3.7%, it is difficult to justify a bank rate cut, given that the MPC’s primary job is to control inflation. At the same time, it feels like a cut in bank rate is needed to stave off the dreaded “R” word, with conditions in the housing and retail markets inclement to say the least. There is now much reason for extending the MPC’s key remit to factors beyond inflation,” says Drew Wotherspoon of John Charcol, the UK’s leading independent mortgage adviser.

“It now seems as if we are headed towards a period of stagnant rates as the economy attempts to ride out the current problems. Where we go from here is difficult to predict but it is safe to conclude that we are walking a tightrope that is looking increasingly wobbly.”

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