The average cost of a two-year fixed-rate mortgage has fallen below seven per cent, new research shows.
According to Moneyfacts.co.uk, the average rate for such mortgages is currently 6.96 per cent, down from a ten-year high of 7.08 per cent just over a week ago.
However, Michelle Slade, analyst at Moneyfacts.co.uk, warns that it is not all good news.
She says: "As swap rates increased lenders were quick to pass on their increased borrowing costs to customers.
"However, as swap rates have declined these same lenders have not been in quite the same hurry to bring their rates back down."
Mortgage hunters might find that they do have a wider choice though, with the number of products on offer beginning to "creep back up", she adds.
Last week, Drew Wotherspoon, spokesperson for Charcol.co.uk, stated that as swap rates have fallen by 0.7 per cent, mortgage lenders should start cutting the cost of their fixed-rate products in order to bring competition to a stagnant market.
Average two-year fixed mortgage under 7 per cent, figures show
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Average two-year fixed mortgage under 7 per cent, figures show
Tue, 22 Jul 2008
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