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.
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.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
