Mortgage rates have fallen by around 0.5 percentage points over July and August, according to experts
Martin Lewis has delivered his latest verdict on whether it's a good time to get a fixed mortgage or not.
READ MORE: Metro Bank's bizarre mortgage application question that probes homebuyers on their narcotics usage He explained that fixed-rate deals are determined by "City swap rates", which offer a longer term view of the market, rather than the current interest rate set by the Bank of England. "So the fact five-year fixes undercut two-year indicates the consensus is rates will get lower over that time," he explained.
"So for those on, or moving on to, costly variable rates, mortgage brokers we've spoken to think it's a decent time to lock in to a fix, as do I, as there's likely only marginal gain from waiting, while fixing now cuts your costs sooner."
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