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Fixed Rate Mortgages Fall
Figures just realised from the Bank of England have confirmed that fixed rate mortgages are falling.
The latest figures for July showed that the average rate charged by lenders on a new two-year deal for borrowers with a 25% deposit was 6.36%. This is a fall from the eight-year high rate in June of 6.6%.
Tony Rice of TMP Mortgage Zone said: "Over the past month we have seen a lot of the big lenders, and some of the smaller ones, cut their fixed rate deals to try and attract new customers. The figures from the Bank of England also show that fixed rate deals for three and five years have stayed the same or fallen slightly."
Borrowers with just a 5% deposit looking to fix their mortgage rate for five years are currently paying more however. The Bank of England figures show that these customers are averaging 7.14%, up from 7.13% in June.
[ 08-08-2008 ]
