The cost at which banks lend money to each other is falling and mortgage rates seem to be following suit, according to one expert.
Drew Wotherspoon, spokesperson for Charcol.co.uk, explained that swap rates have fallen by 0.7 per cent, meaning some mortgage lenders are now offering cheaper fixed-rate deals .
He pointed to Nationwide's decision to cut the cost of both its fixed and tracker-rate mortgages and expressed the hope that others will do the same.
Mr Wotherspoon said: "I would hope to see other lenders follow suit soon bringing some much needed competition to a market that has been depressingly bereft of vying lenders."
The fact that the Bank of England base rate could fall in future makes the reduced tracker mortgages seem good value, he added.
Yesterday, the Council of Mortgage Lenders urged the government to take more steps in order to stimulate the inter-bank loan market.
According to the body, this would help increase the supply of mortgages .
Mortgage rates should fall, expert claims
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