Mortgage rates have generally been on the rise in the last 12 months, making it harder than ever to buy a home
The average five-year fixed homeowner mortgage rate being offered by lenders has fallen back below 6%, for the first time since early July, according to a financial information website.
The last time that the average five-year fixed deal was below 6% was on July 3, when it stood at 5.97%, according to Moneyfacts’ records. The average two-year fixed residential mortgage rate is 6.50%, down from 6.53% on Wednesday. Simon Gammon, managing partner at Knight Frank Finance, said: “Lenders continued to cut mortgage rates in the wake of better inflation figures and the Bank of England’s decision to hold the base rate at 5.25% this month, which will do a lot to improve sentiment in the property market.
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