Mortgage rates fall for the first time two months
Mortgage rates have fallen for the first time in two months following better-than-expected inflation figures.
The average two-year fixed residential mortgage rate dipped to 6.79% on Thursday from 6.81%, according to financial information service MoneyfactsThe Bank of England has raised interest rates 13 times since December 2021 in an effort to slow soaring price rises, otherwise known as inflation. However, the Bank is not expected to raise interest rates - currently at 5% - as steeply as it did during its last meeting when it lifted them by half a percentage point from 4.5%.
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