🔴 The cost of an average fixed rate mortgage has fallen for the first time in months, according to new data
The average two-year fix is 6.79 per cent today, down from 6.81 per cent yesterday, according to Moneyfacts.Moneyfacts says there has also has been an overall increase in the number of residential mortgage products available, 4,495 up from 4,316 yesterday.in a bid to cut inflation., markets had been suggesting the base rate – the rate at which the Bank lends to other banks – would rise by 0.
Nick Mendes, mortgage technical manager at brokers John Charcol said swap rates – the rates at which banks lend to each another – had seen a “significant drop” on Wednesday as markets lowered their expectations of how high the Bank of England’s base rate would get, and that he thought this would follow through into even cheaper fixed rate prices over the next week.
However, he tempered expectations of very fast falls, adding: “It’s important to manage expectations. After the mini-budget it took two months before fixed rates fell to reasonable levels. “Once the optimism settles, markets will be looking to see the Bank of England response in August, with questions over whether they will increase by 0.25 or highlight now is not the time to ease the pressure and go for a 0.5 increase.”He said that borrowers who were buying or remortgaging and saw a good rate should look to secure it, and explained: “There is hope that rates will come down, but the advice is still if you see a rate that you like, it’s still worth going for it.
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