A website that covers the real estate market in the UK has published an article about mortgage interest rates. The article states that despite the housing market being stuck at a plateau, mortgage rates are continuing to decrease. A company that monitors interest rates believes the rates are falling because of competition among money lending firms. The company feels the lenders are locking in loans in anticipation of losing business if and when interest rates go up. It recommends taking advantage of the low rates now.
Key Takeaways:
- In mortgages the fixed rate is not longer stalling and falling rates have returned.
- Mortgage lender competition and growing customers are allowing for rates to fall.
- With competing lenders and growing customers mortgage rates might remain low.
“While the average two-year fixed rate had stalled in recent months, it has fallen by 0.04 per cent from June, so it appears that the trend of falling rates is now back on track.”