Weekly rate watch: two-year fix remains at 2.49%

The average two-year fixed rate has remained at 2.49 per cent this week, according to data collected by Moneyfacts.

This figure is down four basis points on the average two-year fixed rate recorded a year ago, which was 2.53 per cent.

Average rates within the 65 per cent LTV category and the 85 per cent LTV category both rose, from 1.98 per cent to 2.01 per cent, and from 2.49 per cent to 2.50 per cent, respectively.

In contrast, average rates in the 90 per cent LTV category fell from 2.65 per cent to 2.64 per cent.

Meanwhile, average rates in the 60 per cent LTV category, 70 per cent LTV category, 75 per cent LTV category, 80 per cent LTV category, and 95 per cent LTV category all remained unchanged.

Moneyfacts finance expert Darren Cook says: “There are consistent small reductions and increases week-on-week, however, we are not seeing any wholesale rate amendments.

“Banks appear to currently be toeing the line, particularly with regard to the 95 per cent LTV category.

“SWAP rates are continuing to decline, which would usually result in average fixed mortgage rates dropping, but due to the Bank of England’s announcement the market has remained relatively quiet.

“I believe that lenders may also be recouping the risk factor following the series of rate cuts seen in the past few months.”

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