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Moneyfacts: Mortgage rates drop to lowest level in a year

Moneyfacts: Mortgage rates drop to lowest level in a year

Tuesday, 27 April 2010 12:00 AM

Mortgage rates peaked in August 2009 and have steadily fallen to their lowest level in a year since then, it has been asserted.

Moneyfacts explained that the average two-year fixed mortgage - widely seen as the "barometer" of the mortgage market - stands at its lowest level in a year, while average three and five-year fixed rate mortgages are close behind.

Michelle Slade, the spokesperson for Moneyfacts, said: "Lenders have slowly become acclimatised to a new look mortgage market and continue to take more steps to improve the competitiveness of deals.

"The 'open for business' sign is back in the window as lenders improve the availability of mortgages."

She added that lenders are more active in the mortgage market and is very welcome for those looking for increased competition as it drives rates down.

Earlier this week, it was asserted by moneysupermarket.com that fixed-rate mortgages have fallen to their lowest level since April 2007.

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