It appears as though the rates for fixed mortgages may be going back down. Although the results may take a few months to appear, experts are stating that early indicators are showing that the rates for fixed mortgages are starting to trend downwards. That’s good news for those seeking a new mortgage at this time, especially if they prefer the security of a fixed mortgage and not having to worry about rates that suddenly go sky high if the housing market has trouble again.
Richard Morea of London and Country noted, “Homeowners are catching it from all angles not only with higher mortgage rates but increasing fuel, food and energy costs. It’’s unsurprising that they are demonstrating a siege mentality.”
‘Both fixed and tracker rates have come down over the past couple of weeks and there is probably not a lot of difference between what you would pay now and what you paid a year ago,’ Morea added.
‘But there is still limited availability of funds and lenders have no appetite for high loans-to-value. It is difficult to predict how the market will react come September and it will be a very interesting to see if volumes pick up again.’
Related reading: Fixed Mortgage
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