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Two and five-year fixed rates show first day-on-day decreases since May – Moneyfacts

Anna Sagar
Written By:
Posted:
July 20, 2023
Updated:
July 20, 2023

Average residential two and five-year fixed rates have started to slowly come down, the first time both rates have fallen since May.

The latest figures from Moneyfacts show that the average two-year fixed residential mortgage rate is 6.79 per cent, down from 6.81 per cent yesterday.

However, this is still up from 6.7 per cent last week.

The average five-year fixed rate is 6.31 per cent, down from 6.33 per cent yesterday. This compares to 6.2 per cent last week.

Moneyfacts added that there were 4,495 residential mortgage products on the market, which is an increase from 4,316 yesterday. It is also an increase from 4,346 last week.

The average two-year fixed buy-to-let mortgage is 6.94 per cent, which is the same as the previous day but down from 6.96 per cent last week.

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The average five-year  fixed buy-to-let mortgage at 6.77 per cent, which is up from 6.76 per cent yesterday. This is higher than the 6.68 per cent average last week.

The report added that there were 2,393 buy-to-let mortgage products available on the market, an increase from 2,379 yesterday and 2,206 last week.

The average two-year tracker rate is 6.03 per cent. This is the same average rate as the previous working day.

The average standard variable rate as of 1 July is 7.67 per cent.