Mortgage rates continue to fall as interest rates hit 2% target 🎯
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What’s happening with mortgage and interest rates now? Latest from Rightmove:
🔹 There has been lots of news about Base Rate rises and how they can impact mortgage rates. 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 was held at 5% on 19 September, after being cut in August for the first time in more than four years. This follows inflation falling to the Bank of England’s 2% target for the first time since 2021 in May, although it has since ticked up to 2.2%
🔹 The current average mortgage rate for a five-year fixed rate mortgage is 4.58%, down from 4.61% last week. The current average rate for a two-year fixed rate mortgage is 4.93%, down from 4.98% last week
🔹 The lowest available two-year fixed rate is 3.94%, down from 3.99% last week. The lowest available 5-year fixed rate mortgage is now 3.70%, down from 3.77% last week
Mortgage interest rates on Wednesday 25 September 2024 are as follows:
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