Mortgage rates fall despite interest rate increase
Analysis of mortgage interest rates in recent times shows that while the base rate of interest has risen, mortgage rates for those seeking to purchase have fallen back from their autumn peak.
Average fixed rate mortgage rates had fallen back to their lowest since the Autumn prior to the announcement by the Bank of England to raise the base rate to 4.5%.
Product choice in the market has also increased in recent months across the Loan-to-Value spectrum, providing more choice for prospective purchasers. Lower LTV ratios have benefitted the most from rate declines.
While the base rate rise will impact those on tracker or variable rate mortgages, the majority of mortgage loans agreed continue to be on a fixed term basis.
Source: Dataloft, UK Investing.com, Bank of England, based on change to end of April 2023
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