Mortgage expert issues advice to anyone looking to remortgage after 'biggest drop' since 2022
12.02.2024 - 13:17
A mortgage expert has issued advice to anyone looking to remortgage as millions of fixed-rate deals are set to come to an end this year. The guidance comes along with some good news for homeowners, as mortgage rates have seen the 'biggest drop' since 2022.
The average two-year fixed mortgage rate on the market recorded its biggest month-on-month fall since December 2022 in February, according to a financial information website. Across all deposit sizes, the average two-year fixed-rate mortgage had a rate of 5.56 percent at the start of February 2024, down from 5.93 percent at the start of January this year.
The 0.37 percent fall was the biggest monthly decrease recorded by Moneyfacts since December 2022. Five-year fixed mortgage rates have also edged down from 5.55 percent in January 2024 to 5.18 percent on average at the start of February.
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Issuing advice, Rachel Springall, a finance expert at Moneyfacts, said: “Borrowers searching for a new mortgage deal may be delighted to know fixed mortgage rates continued their downward trend, with the average two-year fixed rate dropping by its biggest margin since December 2022.
“Those borrowers who have waited patiently in recent months to re-finance, or indeed are preparing for when their mortgage deal expires, would be wise to review rates, as lenders are closely monitoring the volatile swap rate market, which tends to influence fixed-rate pricing.
“There have been big expectations for fixed rates to fall further, and whether now is the right time to refinance will come down to an individual’s circumstances.
“Lenders are in constant review of their ranges, and it is likely rates will
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