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

The average two-year fixed rate has remained at 2.49 per cent for the third consecutive week, according to Moneyfacts.

This figure is down two basis points from the 2.51 per cent recorded a year ago.

Rates within the 65 per cent LTV category and the 90 per cent LTV category have increased from 2.01 per cent to 2.02 per cent, and 2.64 per cent to 2.65 per cent, respectively.

Meanwhile, the 60 per cent LTV category, 70 per cent LTV category, 75 per cent LTV category, 80 per cent LTV category, 85 per cent LTV category, and the 95 per cent LTV category have all remained unchanged.

Moneyfacts finance expert Darren Cook says: “After several months of continued rate cuts, it is unlikely that rates will be dropped further.

“Following the Bank of England’s recent warning, it would seem as if this has created a break in the competition with lenders having stopped pushing rates down.

“In addition, with Tesco withdrawing from the market this too seems to have had an effect on the current market.”

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