Date Published 22 July 2008
The average rate on two-year fixed rate mortgages has fallen below seven per cent, bringing a modicum of respite to cash-strapped borrowers.
According to Moneyfacts, just ten days age the typical rate on these deals peaked at 7.08 per cent - its highest rate in a decade
However, signs of an easing in conditions in the money markets mean that lenders have been able to cut the cost of deals, with the average rate now standing at 6.96 per cent.
The cost of three and five years fixes has also been cut by lenders, with typical rates now at 7.18 per cent and 6.99 per cent respectively