Mortgage rates sub 5% and set to fall in the second half of the year 📉
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What’s happening with mortgage and interest rates now?
Average 5-year deal = 5.05%
Lowest 5-year deal = 4.34%
🔹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 5.05%, up from 5.02% last week. The current average rate for a two-year fixed rate mortgage is 5.44%, up from 5.42% last week.
🔹The lowest available five-year fixed rate is 4.34%, unchanged from last week, and the lowest available two-year fixed rate is 4.75%, unchanged from last week.
🗨️ Rightmove's mortgage expert, Matt Smith, says: “Today’s inflation drop feels like an important milestone on the road to the first Base Rate cut. Mortgage rates are still higher than this time last year, but hopefully this is the first domino to fall as we head towards lower mortgage rates in the second half of the year.”
For the full article from Rightmove, click here.
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📸Head of Sales Emma Travers (emma.travers@cavendishproperty.co.uk)
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