The fixed rate mortgage market is starting to look like it might be returning to "normality", it has been claimed.
According to Darren Cook, mortgage expert at Moneyfacts.co.uk, the average cost of a fixed rate deal is continuing to fall as the swap rate is reducing, something he describes as "encouraging".
He said: "New mortgage borrowers are now finally benefiting from this, as lenders pass on a string of welcome interest rate cuts on their popular fixed rate deals."
If the trend continues, then mortgage lenders will cut their rates further in coming weeks as swap rates are still on a downward path, he added.
This could be the "glimmer of hope" that the mortgage market has been hoping for, Mr Cook stated.
Yesterday, research by MoneyExpert.com revealed that ten-year fixed rate mortgages now account for 15 per cent of the total number of deals on offer.
In July of last year, the figure was eight per cent.
Fixed rate mortgage market heading to normality, expert claims
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Fixed rate mortgage market heading to normality, expert claims
Wed, 30 Jul 2008
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