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Weekly rate watch: Two-year fix rises one basis point

The average two-year fixed rate has increased from 2.48 per cent to 2.49 per cent week-on-week, according to Moneyfacts.

However, this figure is down on the average two-year fixed rate recorded a year ago – 2.53 per cent.

Average rates within the 60 per cent LTV category fell from 1.89 per cent to 1.87 per cent.

In contrast, average rates in the 70 per cent LTV category, and the 80 per cent LTV category increased, from 2.54 per cent to 2.56 per cent, and from 2.46 per cent to 2.47 per cent, respectively.

Meanwhile, average rates in the 65 per cent LTV category, 75 per cent LTV category, 85 per cent LTV category, 90 per cent LTV category, and the 95 per cent LTV category all remained unchanged.

Moneyfacts finance expert Darren Cook says: “What we can see this week is providers are taking note of the Bank of England’s announcement and have left rates largely untouched.

“Lenders have remained reluctant to change the rates at the more competitive higher LTVs, with a few smaller amendments in the lower LTV categories this week.

“SWAP rates have fallen; however, you usually do not see the average fixed rates change till roughly three weeks after the SWAP rates.”

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