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Weekly rate watch: 10-year fix drops

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The average rate for a 10-year fix fell 5 basis points, to 2.92% this week, Moneyfacts says.

Elsewhere, the average rate for a two-year fix gained 2 basis points, moving to 2.43%, while the average rate for a five-year fix ticked up 1 basis point, to 2.69%.

The average rate for a three-year fix, meanwhile, stayed the same during the week, at 2.47%.

Two-year fixes

The only LTV category where prices fell within this fix was at 95% LTV, which saw the average rate drop 1 basis point to 3.05%.

The most significant rate rises took place at 60% LTV and 70% LTV, where a 4 basis point move upwards each left rates at 1.78% and 2.32%, respectively.

Three-year fixes

At 95% LTV, the average rate fell 1 basis point, to 3.20%. And at 70% LTV, a 1 basis point loss left the average rate at 2.32%.

By far biggest change within this fix occurred at 65% LTV, where the average rate gained 12 basis points, moving from 2.47% to 2.59%.

Five-year fixes

It was a quiet week within this fix – at 80% LTV, the average rate rose by 3 basis points, to 2.74%, as did the average rate at 60% LTV, which ended the week at 2.03%.

10-year fixes

At 75% LTV, the average rate fell 7 basis points, going to 2.50% and, at 85% LTV, the average rate lost 5 basis points, which took it to 3.48%.

And at 60% LTV, the average rate lost 4 basis points, moving to 2.29%.

The smallest of the changes took place at 80% LTV, which saw its average rate fall by 1 basis point to end the week at 2.81%.

Moneyfacts finance expert Eleanor Williams comments: “The mortgage market saw a mix of changes this week, including updates from some well-known brands. Fixed rate amendments continue to be one of the dominant trends, with various providers tweaking their residential product ranges.

“Barclays Mortgage was among those to apply rate increases across selected deals of up to 0.15%, and this week also saw Halifax make increases of up to 0.25% across selected house purchase products, as well as adding a £500 cashback incentive to some remortgage deals.

“Newcastle Building Society launched a couple of new First Home Scheme fixed rate deals, as well as cutting the rates on selected ‘Large Loan’ products by up to 0.45%. Furness Building Society included reductions of up to a notable 0.44% and Aldermore made cuts of up to 0.30% in its latest update, which also included the withdrawal of various remortgage products and the introduction of new two-year fixed rate deals.

“Elsewhere, a number of providers balanced both rate rises and cuts across their ranges; HSBC made reductions and increases of up to 0.10% on selected fixed rates, as well as reducing variable tracker rates by up to 2.15%.

“TSB was another brand to balance increases of up to 0.10% while also making reductions of as much as 0.25% on some products and introducing new variable tracker deals. This week also saw Santander put some rates up by up to 0.05%, and reduce others by up to 0.35%, while also tweaking fees and end dates.”

Finopulse

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Finopulse.
Publisher: Gary Adams

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