Average two-year rate at 2.53%Average two-year rate at 2.53% https://www.ngiresidential.co.uk/wp-content/uploads/2018/11/average-two-year-rate-at-2.53-1024x576.jpg 1024 576 NGI Residential Mortgages NGI Residential Mortgages https://www.ngiresidential.co.uk/wp-content/uploads/2018/11/average-two-year-rate-at-2.53-1024x576.jpg
Moneyfacts data shows that the average two-year fixed rate mortgage has ticked up slightly to 2.53 per cent.
On 19 October, the rate stood at 2.52 per cent, coming off the back of a rate of 2.48 per cent, its lowest average since last April.
Moneyfacts finance expert Charlotte Nelson comments: “We recently saw a rise as a handful of providers who typically lend to riskier borrowers upped their rates, which dragged the average rate up slightly.”
Nelson refers to this as a “blip in the road,” saying that the subsequent stagnation is a more realistic picture of what’s going on.
“Since [said bump] we’ve seen a stabilisation. The economy is uncertain, and the unwillingness of lenders to either cut or up their product rates is a reflection of this uncertainty,” she adds.
“For lenders and borrowers, the focus is now on longer-term fixed rates, such as five years.”
A mid-October Moneyfacts predicted that the month was significant in that it would mark the end of the “lowest-ever” average two-, three-, and five-year rates.
* Content Source – Mortgage Strategy
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