Mortgage Rates Now At Lowest Level Since March 2024

 

Mortgage rates are now at their lowest level since March 2024.

Average two- and five-year fixed rate deals fell monthly by 0.18% and 0.15% respectively, ending five consecutive months of rises.

According to Moneyfacts, the average two- and five-year fixed rates fell between July and August, to 5.77% and 5.38% respectively. In even better news, there are a number of lenders now offering rates below 4%.

Mortgage rates are widely expected to fall further in the coming weeks, especially after the 0.25% base rate cut, the first in over four years.

Markets are pricing in a further cut in 2024, currently forecast to reach 4.67% by the end of 2024.

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Disclaimer

This article is for information purposes only and should not be used as a substitute for professional financial or mortgage advice. Always consult with a qualified professional to make any decisions for your specific circumstances.

**Your home may be repossessed if you do not keep up repayments on your mortgage.**

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Source: Dataloft by PriceHubble, Moneyfacts, HM Treasury Average of Independent Forecasts