Weekly rate watch: two- and five-year rates unchanged
The average two- and five-year fixed rates saw little movement this week, remaining at 2.43 per cent and 2.74 per cent, respectively, data collected by Moneyfacts shows.
Looking to last month, the average two-year fixed rate is two basis points lower and is eight basis points lower than last year.
Average rates in all two-year fixed rate categories remained unchanged week-on-week, the data outlines.
Looking at the average five-year fixed rates, all categories bar the 60 per cent LTV category which fell one basis point, remained unchanged on a weekly basis.
Moneyfacts finance expert Rachel Springall says: “There has not been too much movement with mortgage rates this week, but Santander did cut some two-year fixed deals by 0.05 per cent and also some longer-term ones, one of which is its ten-year fixed mortgage.
“Elsewhere, TSB launched a new low rate remortgage deal priced for two-years and Leeds Building Society cut rates in their five-year fixed range by up to 0.22 per cent.
“The weeks are counting down until the new year, so there may well be borrowers thinking about securing a new deal. With this in mind, they would be wise to weigh up the overall package and not be swayed by rate alone.”
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