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UK Mortgages Fixed Interest Rates Plummet

Housing-Market / Mortgages Apr 23, 2012 - 08:56 AM GMT

By: MoneyFacts

Housing-Market

The average rate of a five year fixed mortgage has decreased over the past year, from 5.59% to 4.86% today.


                           

     Average 5 year fixed rate

          5 year swap rate

Today

4.86%

1.70%

Six months ago

4.89%

1.94%

April 2011

5.59%

2.99%

April 2010

5.87%

2.83%

Source: Moneyfacts.co.uk 23.4.12

Louise Holmes, spokesperson for Moneyfacts.co.uk, commented: “Average rates for five year fixed rate deals have been falling steadily for the past couple of years.

“Fixed rate mortgages offer the reassurance of a set monthly payment and can be beneficial when planning financial budgets, as the repayment amount remains the same over the duration of the term.

“The cost of funding through the swap rate market has also decreased dramatically, causing a knock-on effect of lenders offering low rates on long-term mortgages.

“Interest rates are predicted to stay at the historical low of 0.50% for the foreseeable future. Borrowers would be wise to take advantage of the low mortgage rates, however, as lenders will begin increasing product rates once interest rates rise.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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