Coventry Building Society has responded to falling swap rates by announcing cuts to most of its mortgage rates. Read this and all the latest consumer and economic news in the Money blog. Leave your money problem, or comment on any of our stories, below.
The first big lender has dropped its mortgage rates as swap rates begin to fall. Swap rates dictate how much it costs lenders to lend - and some mild turbulence in this market has led to hikes in mortgage deals over the last six weeks - as this chart illustrates...Swap rates are now on the way down and Coventry Building Society has responded this morning by announcing cuts to most of its rates.
He added that he expects other lenders to cut their rates over the coming days, as application levels also begin to ease.Riz Malik, a director at R3 Mortgages, praised Coventry Building Society for being the first to react to the falling swap rates. 'It does not surprise me that Coventry is leading the rate cuts as other lenders realise they may have been too quick to hike rates,' he said. 'As lenders fight for what business is out there, others will follow within the week.
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