Mortgage rate drops to six-year low
Data surfaced today showing the average monthly interest rate United Kingdom lenders offered this past May on a two-year fixed rate mortgage is the lowest it has been in the past six years at 3.97%. The mortgages have to be 75% of the value of the property and properly secured in order for them to fall under the new six-year low.
This low is a staggering decrease from last July's average of 6.35%, and a welcomed movement down from the 4% rate of the past three months. The new fixed-rate, along with the Bank of England's decision to keep interest rates low, will aid the housing market, spur signs of economic recovery and allow the opportunity for currency to flow more freely.
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The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.