The average two-year mortgage rate since the mini-judgment of former Prime Minister Liz Trus in September 2022 has come down by 5% for the first time.
According to Moneyfacts, the rate has fallen to 4.99%, which has described it as a “symbolic bend point” for homebuilders and shows that lenders are “more aggressively competing”.
Interest rates have been cut five times since last August, but in the final meeting of the Bank of England, a divided vote among the policy makers raised questions about whether there will be another shortage this year.
A spokesman for the moneyfacts said that although the hostage is following the “mood music” set by the bank rate cuts, they are unlikely to fall significantly.
According to Moneyfacts, the rock-boatum rates of the pre-mini-judgment are still “well” well.
Unveiled by Trus’s short-term Chancellor Quarteng, the so-called mini-judge set £ 45BN in unfunded tax cuts, UK markets due to upheaval,
This increased the cost of lending of the UK government, which was fed at hostage rates. By July 2023, the borrowing cost of the mortgage was Has reached the highest level since the 2008 financial crisis,
