Average fixed-rate mortgage rates have fallen to their lowest level since March, according to the latest interest rate report from Moneyfacts.
Moneyfacts found that the typical two-year fix is now 5.51%, Down 4 basis points from 5.55% last week.
Meanwhile, the average five-year fixed rate fell by 3 basis points, also to 5.51%, in the same period.
Caitlin Eastell, personal finance analyst at Moneyfacts, said: “It is encouraging to see many lenders continuing their interest rate reduction momentum, including popular high street brands.
“Even after controlling interest rate movements last week, building societies are continuing to make some significant cuts to fixed interest rates of up to 30 basis points from Nottingham Building Society and Newcastle Building Society.
“Two-year swap rates have been lower than their five-year counterparts over the past few weeks, so it may only be a matter of time before we see the two-year average become more affordable than the five-year average, provided no new shocks hit the market.”
“The cooling in interest rates is also good news for borrowers because it means the momentum of rate cuts will continue.”
Fixed price movements (basis points)
- April Mortgages – Fixed rates reduced by up to 25 bits per second
- Atom Bank – Fixed rates reduced by up to 15 bits per second On Prime products and by 10 bps On Near Prime products
- Bank of Ireland Brokers – Fixed interest rates reduced by up to 33bps
- Bank of Ireland UK – Fixed interest rates reduced by up to 33bps
- Barclays Mortgage – Fixed rates reduced by up to 13 bits per second; Tracking rates have been reduced by 2 bps – 5 bps
- Hodge – Reduce fixed prices by up to 40 bits per second
- HSBC – Fixed interest rates have been reduced by up to 16 bits per second
- Leeds BS – Fixed price reduction by up to 14 bits per second; Tracking rates have been reduced by 5 bits per second
- Leek Building Society – Fixed prices reduced by up to 20 bps
- NatWest – Fixed rates reduced by up to 31 bits per second
- NatWest Int Sols – Fixed rates reduced by up to 31 bits per second
- Newcastle BS – Fixed prices reduced by up to 30 bits per second; Tracking rates have been reduced by 10 bps
- Newbury BS – Fixed rates have been reduced by 20 bps
- Nottingham BS – Fixed prices reduced by up to 30 bits per second
- Accurate – Fixed prices have been reduced by up to 19 bits per second
- Emirate BS – Fixed prices have been reduced by up to 11 bits per second; Tracking rates have been reduced by 5 bits per second
- Royal Bank of Scotland – Reducing fixed interest rates by up to 31 bits per second
- Santander – Fixed prices reduced by up to 21 bits per second; Tracking rates have been reduced by up to 15 bits per second
- Bachelor of Teachers – Fixed prices more By up to 40 bits per second
- Brokers Co-operative Bank – Reducing fixed rates by up to 22 bits per second
- TSB – Fixed price reduction by up to 20 bps
- Virgin Money – Fixed rates reduced by up to 20 bps
- West Brom BS – Fixed prices reduced by up to 25 bits per second
