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Mortgage rates have fallen after August’s bank rate cut. The average two-year fixed rate is now 4.25%, down from 4.99% a year ago, while the five-year fixed rate is 4.18%, down from 4.49%.
Swap rates, which influence fixed-rate mortgage pricing, dipped ahead of the August meeting amid expectations of rate cuts, intensifying competition in the mortgage market, where rates are now as low as 3.7%.
Interest rates have been cut five times since last August, but a split vote at the Bank of England’s last meeting has cast doubt on another reduction, previously forecast for December 2025. Further cuts are still expected, though the pace remains uncertain.
Looking ahead, the Bank of England expects inflation to peak at 4% in September before easing to its 2% target in 2027. While mortgage rates are following the influence of the Bank’s rate cuts, they are unlikely to fall significantly.
Mortgage choice slipped to 6,842 products this month, down from July but above the 6,657 available a year ago. The average shelf life lengthened slightly to 17 days, compared with 16 days last month.
Remember, if you need advice when it comes to mortgages, a Mortgage Adviser can simplify the process, improve your chances of approval, and save you money – making them a smart choice for homebuyers. To find out more, contact the team on 03454 500200 or email hello@mortgagedecisions.com.
Source: Dataloft by PriceHubble, Bank of England, Moneyfacts
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is £595.
Mortgage Decisions have a super friendly and supportive team that work with them. Both Matt and Helen gave us an effortless experience handling everything for us with ease taking all the stress out of finding the correct mortgage for us. Highly recommend getting in contact with them if you require any services that they do.
PaulWe would not hesitate to recommend Kevin Hogan and his assistant Robyn for their efficient and professional service in securing us a mortgage. The process was faultless and communication was excellent throughout. Thank you
RebeccaKevin was immensely helpful and approachable. He was knowledgeable and gave me all the information that I needed to make the right decision for me and my circumstances.
JennieThe confusing process of buying a house was made clear and easy thanks to the great work from Simon. Could not of asked for anything more. Cheers mate.
LukeI had a great experience with Mortgage Decision and they have all my appreciation for the involvement, professionalism, dedication and efficiency they have shown. Thank you everyone! I highly recommend it!!
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