UK Money News
21st July 2008
Rates on two-year fixes fall to below 7%
Rates on two-fixed rate mortgages have fallen back below seven per cent, as a fall in swap rates enables lenders to cut the cost of their offers.
According to Moneyfacts.co.uk, which collated information to compare mortgage costs for fixed rate deals, the rates have fallen in line with an easing of conditions in the money markets.
Rates on three-year and five-year fixes have now fallen to 7.18 per cent and 6.88 per cent respectively.
Michelle Slade, an analyst at the site, said: "In the last week a number of lenders including Halifax, Abbey, Cheltenham & Gloucester, Nationwide BS and Woolwich have all started to reduce their rates, which has resulted in the average two-year fixed falling back below seven per cent, today standing at 6.96 per cent"
Ms Slade was, however, wary of predicting that the fall in the cost of the products is a sign that fixes will be cheaper from here on in.
She explained: "Although the average two-year swap rate is well below its peak of 6.52 per cent in mid-June, in the last few days swap rates have started to edge up again. If this continues we could see lenders once again passing the increased cost back onto consumers."
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