Fixed-rate mortgages continue to trend downward in the “positive” market: Monetary facts – Mortgage strategy
The average fixed-rate mortgage fell further this week, with fixed transactions generating more than 4%.
According to the latest MoneyFacts observation, both the two-year and three-year fixed fell by 0.02%, compared to 5.37% and 5.23% a week ago, respectively.
Meanwhile, the five-year fixed rate is now at 5.21%, down 0.01% from the previous week, while the 10-year fixed rate has dropped by 0.04% to 5.67%.
Among the larger banks that lower selected fixed interest rates, Lloyds cut cuts by up to 0.31%, Virgin Money cuts by up to 0.68%, and Barclays cuts by up to 0.48%.
Santander lowered the fixed rate by 0.16%, and TSB reduced the fixed rate by up to 0.10%.
The Building Society lowered rates this week, including West Brom Building Society up to 0.41%, Vernon Building Society up to 0.26%, Bathroom Building Society up to 0.25%, Darlington Building Society up to 0.20%, Cambridge Building Society up to 0.20%, up to 0.20%, up to 0.20%, up to 0.16, up to 0.16
Some additional lenders cut interest rates such as Clydesdale Bank as much as 0.12%, mortgage lenders have up to 0.10%, H-H as much as 0.14%, and Atom Bank can reach up to 0.15% under “Prime” fixed mortgages.
Moneyfacts financial expert Rachel Springall said there was “positive sentiment” in the mortgage market this week.
“Fixed interest rate mortgages continue to decline, with more and more brands joining a small number of lenders offering fixed transactions with less than 4% of fixed transactions,” Springall said.
“Millions of borrowers due to cheap fixed mortgages must seek advice to browse the latest deals they can get, especially the lowest interest rate deals that can carry high fees. Mortgage rates are higher now than in 2020, and we know that mortgage product fees have increased over the same period, which is crucial for borrowers to check the overall cost of any mortgage, including any fees or cost-saving incentives rather than just swing by the low interest rate on the headlines.”
