Fixed rates getting popular

The popularity of fixed mortgage rates has reached new heights with 96% of homebuyers choosing to fix during September for the second successive month Advisors suggest that now is a good time to fix, as mortgage rates have already started to hike up. Borrowers can also benefit from record high product numbers.

fixed-mortgageThe average two-year fixed rate rose from 2.68% in August to 2.72% in September, which was considered as the first rise after 12 months of consecutive record lows. Five-year fixed rates also rose for the first time since August 2014, while two-year trackers rose for the second successive month.

Expert says: “Sooner or later, the forecast of an interest rate rise are going to become a reality and some lenders have started to act forward of this to ensure they are not short changed. There was a sudden increase in pricing September, but it was only a slight increase and three-year fixed rates continued to fall. Meanwhile, it is a timely get up call that these rates are not here to remain still. So, increased numbers of borrowers are rushing to fix their mortgage up.”

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