Mortgage rates 2.41% lower than three years ago
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The average interest rate of purchase and remortgages applied for by Countrywide’s customers has fallen by 2.41% over the last three years to 3.71% in September 2011 – its lowest rate since September 2008.
It says across the board, fixed rate and tracker mortgages have become significantly cheaper, with most major lenders becoming much more competitive on pricing, with many targeting the first-time buyer and remortgage market.
Nigel Stockton, financial services director at Countrywide, says: “Despite the ongoing pressures on lending institutions and the UK economy as a whole, we continue to see some of the cheapest ever remortgage fixed rate products being offered, with some two-year rates on offer currently as low as 2.54%.
“Overall, the proportion of homeowners considering moving from their variable rate mortgage has subsided as the threat of rate rises has weakened.However, budgeting continues to be an area of key concern for home movers, which makes some of the competitive remortgage products currently available particularly at the lower LTV end much more of an attractive option.”
Recent figures show that the average two-year fixed rate mortgage product applied for by Countrywide customers has fallen by 1.59% over the last two years. Similarly, rates for two-year tracker mortgages have fallen by 0.78%.
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