Average 2-year fixed mortgage rate may reach 6% within weeks
30 June 2009
Moneyfacts.co.uk has said that the average interest rate on a two-year fixed-rate mortgage could soon reach 6%, according to The Telegraph.
The average rate offered to fixed-rate customers looking for two-year deals has been rising rapidly over the last week. On Wednesday, The Telegraph said that the average rate stood at 5.04%, up from 4.92% two days previously and 4.74% a week before that.
Darren Cook of Moneyfacts.co.uk said: "Banks are saying they don`t want to be overly competitive and they are being forced to put up their rates, and this is having a spiral effect. If it carries on like this, within a couple of weeks we could see an average rate of 6%."
A mortgage expert for Think Money said: "It is now looking likely that fixed-rate mortgages will become more expensive in the near future, so people looking to buy a home or remortgage may have to move fast to secure a lower rate."
---
Think Money work with a panel of lenders to offer a range of mortgages. If you are considering taking out a mortgage, contact one of our expert mortgage advisers today.
Fill in our form to find your mortgage solution
Related resources:
Tags: mortgage, fixed rate, fixed rate mortgage, fixed rate mortgages, mortgage rates, mortgage deals, rates, mortgage interest rates, six percent
Mortgage news
Lloyds doubles mortgage overpayment allowance 15 March 2010
Cost of mortgage debt falls to six-year low 12 March 2010
Homeowners urged to consider mortgage options 8 March 2010
Over 3 million don`t know interest rate on their mortgage 4 March 2010
Base rate at 0.5% for 12th month 4 March 2010