unveiled a series of small cuts to rates earlier this week, becoming the first major lender to reduce prices in weeks. From Thursday, it is cutting rates by up to 0.17 percentage points on its fixed deals.
Fixed mortgage prices are generally based upon Swap rates, which follow long-term predictions for what the Bank of England will do to interest rates in the future, meaning rates are unlikely to move dramatically.swap rates have remained at their current level since 7 May, which is the longest stable streak since the benchmark was created in 1997.
Similarly, David Hollingworth of L&C Mortgages said: “Any movement from a major lender like NatWest can mean that others will adjust their rates as well but these are small moves and the bigger picture is one of stable rates rather than any major trend.” Now, the average two-year fixed residential mortgage rate is 5.97 per cent. The average five-year fixed residential mortgage rate is 5.53 per cent.
“As a result, the average two-year fixed rate is nearing where it stood six months ago, undoing the positive rate cut momentum seen during the first quarter of 2024. Affordability is a pressing point for both homeowners looking to refinance and new buyers, so those struggling to see how they can afford mortgage repayments will no doubt be desperate for interest rates to come down.”
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