New average mortgage rates fall below 6%
New average two and five-year fixed-rate mortgages now have an interest rate of less than 6% for the first time for two months, data shows.
"It appears lenders are slowly making reductions to their fixed pricing to adjust their positions, and in doing so, the overall average two and five-year fixed mortgage rates now sit below 6%," said Rachel Springall, from Moneyfacts. "As the mortgage market remains volatile, it is vital borrowers seek independent advice to consider the deals on offer to them, or whether they need to be a little patient in hopes rates will fall further."Fixed-rate mortgage deals have a set interest rate during the term of the deal. Most run for two or five years, but longer deals are available.
Rates on new fixed-rate deals have climbed throughout this year, as the Bank put up interest rates to fight inflation, but they shot up following the mini-budget.
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