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Average two-year fix falls following Christmas rise: Moneyfacts

The average two-year fixed rate has dropped following a stint of gradual increases from 14 December to 28 December, according to Moneyfacts.

At the time of writing the rate stands at 2.52, having nearly touched 2.53 last week.

Further data shows that the average 90 per cent LTV mortgage rate has fallen from 2.70 to 2.69 and the average 80 per cent LTV rate has followed the same trend, declining from 2.51 to 2.50.

However, the rates in the lower LTV bands have seen no changes, with the average 60 per cent LTV rate remaining at 1.89 and the 75 per cent LTV staying at 2.40.

Within the last year, the lowest average rate was recorded in January 2018, at 2.33 per cent, while August saw the highest average rate, at 2.55 per cent.

Following a step decline from 2012 to the end of 2017, the average two-year rate has steadily increased.

Moneyfacts financial expert Darren Cook says: “There has been little activity over the Christmas period, although I expect to see a continuation of the gradual changes from next week onwards.

“Competition appears to be in the high LTVs, with the lower LTVs seeing no changes.”

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