Mortgage pain shows first signs of easing as lenders bring down rates
Mortgage rates have started to fall after the announcement of Rishi Sunak as Prime Minister calmed financial markets.
The average rate on a two-year fixed-rate mortgage is now 6.5pc, down from 6.54pc yesterday when Mr Sunak’s victory was announced, according to analyst Moneyfacts.
Santander and Yorkshire Building Society’s Accord Mortgages brand were among the lenders to cut rates in the last 24 hours, mortgage brokers reported.
The average rate on a two-year fix stood at 6.65pc before former Prime Minister Liz Truss’s resignation announcement last Thursday. By Friday, rates had started to fall, dropping to 6.55pc as money markets welcomed the news.