Mortgage Rates Held Steady Over The Weekend Mortgage rates slide and applications surge, easing near-term concerns over the housing sector, with labour market conditions still a positive.. The average fee held steady at 0.5 points.
The rising cost of fixed-rate mortgages continues as the average five-year fixed-rate mortgage has hit 6%, the highest level since December 2008, according to Moneyfacts. In the last month, the average five-year fix has increased by 0.43%, while the average two-year fix has increased by 0.41% to 5.08%.
Darren Cook, head of press at Moneyfacts, said: "The latest figures show that the average five-year fixed mortgage rate has risen by 0.04% this month to now stand at 2.95% (up from 2.91% in October). This marks not only the first time this average has increased for four months, but it is also the highest level seen since December 2016.
Data collected by Moneyfacts shows that fixed rate mortgage deals at the highest tiers are at record lows, with competition in choice fierce. While the average two-year fixed rate at 95 per cent LTV has fallen, the number of fixed rate products at 90 per cent LTV is at the highest recorded.
Term: Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
Mortgage rates on five-year fixed deals have surged to a two-year high, according to analysis. The typical deal is now priced at 2.95%, a level not seen since December 2016, Moneyfacts found. Month-on-month rates have nudged up by 0.04% from 2.91% in October, and are up 0.17% from 2.88% in November 2017.
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The five-year mortgage rate has remained at its average of 2.91% this month, Moneyfacts reported. It suggested this might have been driven by greater competition as more borrowers considered long-term fixed rates as an option for protecting themselves from future rate rises .
The average two-year rate has this week reached 2.41%, a high last seen in September 2016, according to Moneyfacts data. Rates have been steadily building over the past six months from a typical 2.17%, and since February alone have increased from 2.34%.
The upcoming Moneyfacts. fixed mortgage rate has risen for the first time in four months, which may alarm homeowners still waiting for their current deal to run out before they can remortgage. As.