Average mortgage rates have fallen for the first time in months after a bigger than expected drop in inflation.
The average mortgage rate on a two-year fixed deal now stands at 6.79 per cent, falling from 6.81 per cent, according to Moneyfacts.It is the first time mortgage rates have fallen since the spring, coming after a surprise drop in inflation.That is a fall from 8.7% in May, using the consumer price index, a method for measuring how fast prices are going up.
While it is still far ahead of pre-pandemic and war in Ukraine levels, the rate of growth is slower than the 8.2% predicted by some forecasters.
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