Average two-year rate on the up: Moneyfacts

Latest data from Moneyfacts states that the average two-year fixed rate mortgage has continued its climb from recent lows to reach 2.52 per cent.

The two-year rate has been moving downwards since 17 August of this year, at which point it hovered around a two-year high of 2.55 per cent.

Two weeks ago the average rate dipped to 2.48 per cent but quickly nudged back up, reaching 2.49 per cent last Friday. It has continued to track upwards since.

On this recent U-turn, Moneyfacts finance expert Charlotte Nelson says: “This could be a simple readjustment as the recent glut of remortgaging activity fades and lenders are therefore not so fearful about protecting their mortgage books. Interest rates swaps have also risen slightly so costs have gone up, too.

“However, only time will tell if this rate rise becomes a longer-term trend or if it’s just a small blip… it’s a funny time of year, coming a couple of months after the base rate rise.”

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