Mortgage rates below 5% for first time since Truss budget
Summary
The average two-year mortgage rate in the UK has dropped below 5% for the first time since September 2022. This change follows several interest rate cuts by the Bank of England, with lenders becoming more competitive.Key Facts
- The average two-year mortgage rate is now 4.99%.
- This is the first time the rate has been below 5% since September 2022.
- The decrease in rates follows cuts by the Bank of England.
- Five interest rate cuts have occurred since last August.
- There was a split vote among Bank of England policymakers about future rate cuts.
- Mortgage competition among lenders has increased.
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