Recent data from Moneyfacts has revealed that two-year fixed mortgage rates have remained unchanged for the past month. This is good news for those looking to take out a mortgage, as it means that the cost of borrowing remains stable.
The data from Moneyfacts shows that the average two-year fixed mortgage rate is currently 3.14%, which is the same as it was last month. This is the lowest rate since records began in 2007, and it is a sign that lenders are still offering competitive deals to borrowers.
The stability in two-year fixed mortgage rates is likely due to the fact that the Bank of England has held interest rates at 0.75% since August 2019. This has allowed lenders to offer competitive rates to borrowers, as they are not having to factor in any potential rate rises.
For those looking to take out a mortgage, the current low rates mean that they can get a good deal. However, it is important to remember that rates can change quickly, so it is important to shop around and compare different lenders before making a decision.
It is also worth noting that two-year fixed mortgage rates are not the only option available. There are also five-year fixed mortgage rates, which tend to be slightly higher than two-year rates but offer more security.
Overall, the Moneyfacts data shows that two-year fixed mortgage rates remain unchanged, which is good news for those looking to take out a mortgage. However, it is important to remember that rates can change quickly, so it is important to shop around and compare different lenders before making a decision.