MORTGAGE RATES HEADING DOWN WITH MORE CUTS ON THE WAY – YOUR MONEY

Rising confidence among lenders and a priced in March base rate rise could lead to further mortgage rate falls in the coming days, a property analyst suggests.

Rightmove’s mortgage expert, Matt Smith, said: “Mortgage lenders had already factored in a bank rate rise in March. The fact that it was lower single hike than the previous rise in February, along with the longer-term indication that inflation is still likely to fall sharply over the year, is giving lenders more confidence to start to edge down their rates.

“We’ve seen reductions of up to 0.05% in average mortgage rates compared to this time last week, as lenders begin to respond to the Bank of England’s decision. Prices have reduced across all loan to value (LTV) ranges, for both two- and five-year fixed deals,” he said.

The average five-year fix at 85% loan to value (LTV) nudged down to 4.62% this week, from 4.65% a week ago, but still a massive jump from 2.54% a year ago. With a larger deposit, or 60% LTV, the average five-year fix is 4.28%, down from 4.30%, but again, a hike from 2.19% the previous year.

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