You are here: Home - Mortgages -

Mortgage rates continue to creep down

Mortgage rates have continued to creep down with the biggest weekly reduction applied to home loans where a 5% is required.

A 0.1% rate reduction for 95% loan to value (LTV) two-year fixed deals is the biggest downwards movement in mortgage rates, according to Rightmove’s tracker.

Borrowers with a 5% deposit can now secure an average rate of 5.52% down from 5.62% the week before.

Smaller changes to 90% LTV rates mean that homeowners can access an average two-year deal of 5.14% and a five-year deal at 4.75%.

Rightmove’s mortgage expert Matt Smith said: “Average rates have crept down again this week, but the pace of change has dropped a little. This lull is likely to be a combination of the Easter break limiting activity, and lenders taking stock following a very active period of price cuts across the market.

“We can probably expect a similar pattern in the coming week, although there are increasing signs of competition at lower LTVs.”

There are now nine lenders offering five-year fixed-rate deals below 4% at 60% LTV, for borrowers with a 40% deposit and two lenders now offering a sub-4% 5-year fixed rate to those with a 25% deposit.

“This is the first time that a high-street lender has offered a 75% LTV rate below the 4% mark since mid-September last year,” added Smith.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Octopus steps in to buy Shell Energy – what customers need to know

The deal is expected to complete in the fourth quarter of 2023 and will take Octopus Energy’s retail supply ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week