Two-year fixed mortgage rates at highest level since 2016 – Moneyfacts – Mortgage Solutions

According to the finance website, the base rate rise in August has driven the average standard variable rate to its highest level since 2009, with fixed rates also increasing. Moneyfacts says that the average mortgage rate in December 2017 was 4.75 per cent, rising to 4.90 per cent in December 2018.

After years of falling mortgage rates, many could be forgiven for getting used to record low repayments. Unfortunately, it looks as though this era is now at an end, as the average two-year mortgage rate has hit its highest level since July 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.

The average two year fixed rate mortgage stands at its lowest level in 12 months with longer fixed rates not far behind, according to Moneyfacts. Despite lenders taking much higher margins for risk when the rate first fell, those margins have fallen steadily since.

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The rates of notice savings accounts are at their highest levels since. according to Moneyfacts, the data firm. The same bank’s 180-day notice account pays a top rate of 1.65pc – the highest rate.

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Mortgage rates climbed higher this week, reaching its fourth highest level of 2018, according to Freddie Mac. (Source: Freddie Mac) According to the report, the 30-year fixed-rate mortgage averaged.

The amount of fixed rate mortgage products in the 60 per cent to 95 per cent LTV range has reached a record high, according to Moneyfacts. The firm says that the number is at its highest level since July 2007. Meanwhile, in total, the number of residential mortgage products available across all LTVs has increased from 5,181 [.]

Mortgage rates have nearly halved in the ten years since the onset of the financial crisis, according to the latest Moneyfacts data. The average two-year fixed mortgage rate has fallen from 4.79% in March 2009 to 2.49% today, while the average five-year fixed rate has fallen from 5.62% to 2.89%.

The average five-year fixed rate mortgage has increased for the first time in four months, seeing this average reach its highest point in almost two years, effectively cancelling out any gains made in that time as a result, according to latest data from Moneyfacts via its UK Mortgage Trends Treasury Report.