Mortgage Rates Good News

[life on mars]

The squeeze on people renewing or trying to get new mortgages has eased slightly, according to new data.

The average five-year fixed mortgage rate fell below 6% for the first time in seven weeks on Tuesday, and remained there on Wednesday, the financial information service Moneyfacts said.

Mortgage rates spiked after the government's mini-Budget in September, driving up costs for borrowers.












Rates have stabilised since the Autumn Statement last week, experts say.

Average five-year mortgage rates hit 5.95% on Tuesday, and remained at the same rate on Wednesday, Moneyfacts said. This is down from a high of 6.51% on 20 October.

The rates on two-year mortgages, which are more common, have also been falling gradually, from 6.65% on 20 October to 6.14%.

Rachel Springall, a finance expert at Moneyfacts, said: "Borrowers who paused their home ownership plans, or indeed parked the idea of refinancing, may now be tempted to scrutinise the latest deals on offer.

"However, it is worth noting that rates could fall further still, but there is no clear answer as to how quickly that may be."

[jon1959]

Shouldn't the header be 'Marginally less bad news'?

Desperate stuff!

[Wales-Bales]

Thank god I don't have one.

[The Bloop]

A bit like Sky assuming that football only started in 1992, did mortgage rates only start on 20 October?

[A Quiet Monkfish]

Shouldn't the header be 'Marginally less bad news'?

Desperate stuff!

It's not though is it ? They're pretty much where they should be, and have been for decades, apart from the 80's and the last 14 years.

[az city]

It's not though is it ? They're pretty much where they should be, and have been for decades, apart from the 80's and the last 14 years.

Why should mortgage rates always be at 5-6%?

[HiVis]

Why should mortgage rates always be at 5-6%?

Hes says historically rates have always been around 6-7% So we're just back on trend.

Rates have been kept low in the past 14 years as inflation was managed,. It's not being managed now

[az city]

Hes says historically rates have always been around 6-7% So we're just back on trend.

Rates have been kept low in the past 14 years as inflation was managed,. It's not being managed now

Rates don't have a trend. See the Fisher equation.

Interest rates haven't been low since 2008 to control inflation. Central banks have been trying to keep liquidity in the banking system and stimulate demand.