Mortgage rates are continuing to fall, offering relief for borrowers, according to the latest data from Rightmove’s weekly mortgage tracker.
The average rate for a two-year fixed mortgage is now 4.61%, down by 0.02 percentage points this week and 0.80 percentage points compared to the same time last year.
Five-year fixed mortgage rates have dropped to an average of 4.59%, 0.42 percentage points lower than last year.
The figures back up this week’s data from Moneyfacts, which also showed a fall in fixed mortgage rates.
Lowest available rates
For those seeking the lowest fixed rates, two-year options start at 3.72%, and five-year options at 3.78%, both unchanged from last week but significantly cheaper than last year, with falls of 1.03 and 0.56 percentage points, respectively.
Mortgages for borrowers with larger deposits have seen the biggest weekly reductions. For homebuyers with a 40% deposit, average two- and five-year fixed rates dropped by 0.07 percentage points this week, to 3.94% and 3.99%, respectively.
