Today, we will tell you about the Stock Market. Fixed-rate averages stay the same despite the rise of sub-4 per cent deals. Let’s start:
Fixed-rate averages stay the same despite the rise of sub-4 per cent deals
Fixed-term mortgage rate products fell this week as new sub-4 per cent deals were introduced to the market as per Moneyfacts.
But, despite the cuts, rates for two- and five-year fixes remain the same week-to-week.
The average for fixed-terms of two years was 5.39 per cent this week, similar to last week’s which was down 0.05 per cent from the previous week.
Five-year fixed rates were also unaffected, holding at 5.2 per cent, following a decline of 0.04 a week earlier.
The three-year fix sank slightly this week, falling 0.01 per cent from last Friday. They are 5.2 cents today.
One of the major lenders who reduced their fixed rate products was HSBC and TSB, which reduced prices by as much as 0.per cent, TSB with drops of up to 0.15%, and Virgin Money, down up to 0.10 per cent.
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There were also building societies that made several rate adjustments this week. With Nationwide decreasing rates by as much as 0.25 per cent, West Brom Building Society by as much as 0.26 per cent. Skipton Building Society by up to 0.26%, Hanley Economic Building Society by up to 0.12%, Loughborough Building Society by up to 0.60%, Tipton & Coseley Building Society by up to 0.25% and Principality Building Society by up to 0.60%.
However, the Saffron Building Society increased certain owner-occupier deals by as much as 0.10 per cent
The other lenders that decided to cut rates included Gatehouse Bank by up to 0.25 per cent, Kensington by up to 0.50per per cent, Bluestone Mortgages by up to 0.1per content, in addition to Gen H by up to 0.05 per cent, but saw rate increases that could be as high as 0.15 per cent, while the Co-operative Bank for Intermediaries increased fixed rates by as much as 0.36per cent.
Then, Kent Reliance launched some limited edition fixed rate offers.
Expert in finance at Moneyfacts Rachel Springall says: “Borrowers might be happy to know that fixed mortgage rate cuts still dominating rate movements this week.
“Nationwide has cut its costs to join the few lenders offering a sub-4 fixed mortgage at a rate of 4%, which is a good sign for those planning to refinance in the coming year but are concerned about the trend of the interest rate.
“The two and five-year swap rates have cooled a bit this week, however, er they are still very close to their rolling highs of 30 days It will be interesting to observe the direction they take in the coming weeks. The lenders closely monitor swap rates to determine for fixed mortgages therefore, if they drop then borrowers could be more inclined to rate reductions.”
