Average mortgage rates begin to rise: Moneyfacts
After four consecutive months of falls, both the overall average two and five-year fixed rates rose by 0.04% month-on-month, to 2.29% and 2.59% respectively.
After four consecutive months of falls, both the overall average two and five-year fixed rates rose by 0.04% month-on-month, to 2.29% and 2.59% respectively.
Moneyfacts finance expert Eleanor Williams says: “As living costs are on the increase, it is good news that mortgage rates have continued to reduce."
Although mortgage product choice has continued to increase, so have average rates and fees.
The latest Moneyfacts data reveals a spike in mortgage product choice as providers cater to borrower demand.
Average rates for a buy-to-let mortgage have been on a downward slide in recent months.
Mortgage product numbers have grown for the fifth consecutive month in signs that confidence is returning to the market, analysis by Moneyfacts has found.
The number of residential mortgage products has risen for the third consecutive month to 2,893 – the highest availability recorded since April 2020.
Mortgage product availability has increased for the first time since June, but average rates are continuing to rise, according to the latest research from Moneyfacts.