Average mortgage = 4.84% Here's what is happening with UK mortgage rates right now 💰
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Latest mortgage news from Rightmove:
🔹 The Bank of England (BoE) meet about every six weeks to decide whether the Base Rate should go up or down, or stay the same
🔹 The Base Rate is currently 5.25%, and has been held at this level since August
🔹 The current average mortgage rate for a five-year fixed rate mortgage is 4.84%, up from 4.85% last week
🔹 The current average rate for a two-year fixed rate mortgage is 5.23%, which is unchanged from last week
🔹 The lowest available five-year fixed rate is 4.13%, and the lowest available two-year fixed rate is 4.46% – both unchanged from last week
Comment and analysis
Rightmove's mortgage expert Matt Smith says: “Following last week’s positive inflation news, average rates have either edged down slightly, or remain unchanged. It’s also the first time in seven weeks that the average five-year fixed-rate is lower than a week ago.
“Following the latest Base Rate hold and confirmation from the Bank of England that things are moving in the right direction, which has taken away some of the pressure for rate increases. And while some lenders have increased rates, we’ve seen cuts to several fixed-rate deals this week.”
What are the current UK mortgage interest rates?
On Wednesday 27 March 2024
For further information on the topics below, you can read the full article from Rightmove here:
🔹 When are mortgage rates likely to drop
🔹 Average monthly mortgage repayments by average house price
🔹 How much you can borrow with a mortgage
If you would like to speak to us about how much you could borrow on your mortgage, email Emma at our office and she will put you in touch with the best mortgage brokers (emma.travers@cavendishproperty.co.uk)
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