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UK Mortgage Two-year fixed rate sees highest rise in eight years

Housing-Market / Mortgages Nov 06, 2017 - 02:53 PM GMT

By: MoneyFacts

Housing-Market

Moneyfacts UK Mortgage Trends Treasury Report data, not yet published, shows the average two-year fixed mortgage rate has risen from its historic low in October with a significant 0.12% increase, the highest monthly rise the Moneyfacts Treasury Report has seen since August 2009.



Charlotte Nelson, Finance Expert at Moneyfacts, said:

“Last month the Mortgage Treasury Report suggested that the speculation surrounding the possibility of a base rate rise would cause mortgage rates to rise in response. Now, November’s figures show that, not only has the average two-year fixed rate risen, but the monthly increase is the largest that has been recorded since August 2009.

“The rise in the average two-year fixed rate has essentially wiped out any rate cuts that have occurred in the last six months, seeing the average surpass May 2017 figures. The speculation surrounding the announcement on 2 November saw interest SWAP rates rise significantly, with providers having little choice but to factor this into their pricing.

“Following the two and five-year SWAP rates going up by similar amounts, the average five-year fixed mortgage rate has increased in the same dramatic fashion, having risen by 0.12% from 2.76% in October to stand at 2.88% today.

“Since the start of October, 49% of lenders have increased their rates in some shape or form, with providers preparing for a base rate rise that was seen as a sure thing. The recent base rate rise is likely to only add fuel to the fire and cause rates to rise particularly in the variable rate market.

“With rates on the rise even before base rate rose, borrowers should use this as a catalyst to sort out their mortgage. Any borrower sitting on their SVR or coming to the end of a deal should remortgage as soon as possible to avoid disappointment in a market where rates are rising.”

The Moneyfacts UK Mortgage Trends Treasury Report provides an in-depth monthly review of today’s changing mortgage trends, including all the relevant facts on the UK’s residential and buy-to-let markets.

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.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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