Major mortgage lenders will today cut home loan prices again, as speculation grows that the Bank of England will reduce the base rate soner rather than later – possibly as early as next month.
Barclays, HSBC, Halifax, Santander and NatWest are all making a number of interest rate reductions across various mortgage deals today, with more lenders expected to follow suit over the next few days.
It marks the latest flurry of mortgage rate cuts in what is becoming an ever cheaper market for Britain’s borrowers.
Since the start of July, the lowest five-year fixed rate mortgage has dropped from 4.28% to 3.69%.
Meanwhile, the lowest two-year fix has fallen from 4.68% to 3.89%.
A more cautious cautious tone from the Bank of England governor has been replaced with becoming ‘ a bit more aggressive’ which has had a positive response from Swap rates – see chart below – and that has encouraged lenders to get rates.
|
|
|
|
|
|
|
|
1yr |
2yr |
5yr |
10yr |
|
30/09/2024 |
4.26 |
3.86 |
3.62 |
3.64 |
|
01/10/2024 |
4.30 |
3.89 |
3.61 |
3.61 |
|
02/10/2024 |
4.30 |
3.91 |
3.63 |
3.63 |
|
03/10/2024 |
4.23 |
3.85 |
3.60 |
3.62 |
Boost for buyers as BoE chief says interest rate cuts could be more ‘aggressive’
But still no one buys..In the old days ( 2016) . We’d be calling a crash if was this quiet.. now the media just uses rightmoves fake activity stats , to lie to the market.
How are mortgage applications? I know big agents can’t report any negative p r. either so we need a reliable source.
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