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New mortgage rates offer glimmer of hope

Tue, 22 Jul 2008

As Barclays and Abbey join the already large group of mortgage lenders to have cut rates in the last week, the average cost of a two-year fixed-rate mortgage has now fallen below 7 per cent, for the first time this month.

Abbey and Woolwich cut mortgage rates on two-year fixed-rate mortgages, following similar moves by lenders such as Halifax, Lloyds TSB and Nationwide Building Society last week.

Whether the market has recovered or not remains to be seen. Michelle Slade, an analyst for Moneyfacts, was reported as commenting: "It is too early to say we have finally turned the corner. We need to see a more prolonged period of rate reduction."

For borrowers with low equity or a low deposit, the mortgage market remains in a difficult position.
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