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Rates fall on two-year fixes

The average two-year fixed mortgage rate has fallen more than 20 basis points from a year ago.

According to figures from Moneyfacts the typical two-year deal has a rate of 2.17 per cent.

That’s down from 2.4 per cent in September 2016.

The figures come as thousands of homeowners look to lock in rock-bottom rates before their mortgage deal matures in the coming weeks.

Hints that the Bank of England may raise interest rates before the end of the year has also increased interest in longer-term fixed deals.

Last week Accord launched a record low rate of 0.99 per cent on a two-year deal up to 80 per cent LTV.

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