Mortgage rates are now at their lowest level since March 2024. Average two- and five-year fixed rate deals fell monthly by 0.18% and 0.15% respectively, ending five consecutive months of rises.
According to Moneyfacts, the average two- and five-year fixed rates fell between July and August, to 5.77% and 5.38% respectively.
Mortgage rates are widely expected to decline further in the coming weeks, especially after the 0.25% base rate cut, the first in over four years.
Markets are pricing in a further cut in 2024, currently forecast to reach 4.67% by the end of 2024. Source: #Dataloft by #PriceHubble, Moneyfacts, HM Treasury Average of Independent Forecasts
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