BORROWERS BREATHE SIGH OF RELIEF AS FIXED MORTGAGE RATES FALL AND CHOICE HITS 15-MONTH HIGH – YOUR MORTGAGE

Average mortgage rates fell in May as product choice reached a 15-month high, indicating a return to a steady market, data from a financial information company has revealed.

The Moneyfacts UK Mortgage Trends Treasury Report revealed that fixed rate mortgages declined across the board from April to May, with the average two-year fix priced at 5.26% compared to 5.35% last month, and the average five-year fix is 4.97% down from 5.05%. 

Fixed rates are still considerably higher than they were last year, when the average two-year fix was 3.35% and the average five-year fix was 3.17%. 

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