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Fixed-rate mortgages 'fall to lowest rates since April 2008'

Tuesday, 27 April 2010 12:00 AM

Fixed-rate mortgages have fallen to their lowest level since April 2007, while average two-year fixed-rate offers have fallen 3.36 per cent since April 2008, according to a new report.

Hannah-Mercedes Skenfield, the mortgages channel manager for moneysupermarket.com, revealed the company's study and said that it is promising that fixed-rate mortgage rates are "moving in the right direction" and are returning to their lowest level since the height of the recession.

She continued: "With inflation rising, the potential for the Bank of England to increase base rate in the near future increases, so borrowers who are looking to fix their mortgage repayment should consider whether now is the perfect time to switch."

However, Ms Skenfield added that borrowers need to consider any fees associated with the mortgage switch before they make any decisions to grab the lowest rate available, as it may not be the best value in the long-run.

According to John Charcol research released this week, last month's home loan market was dominated by variable rates, which accounted for 84 per cent of mortgages.

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