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.
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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.
