It was another week of tariff reductions on the mortgage market this week, dominated by reductions of mutual lenders.
According to data from MoneyFacts, two years of fixed living mortgages fell 0.04% to an average of 5.29% in the week to 11 April, while the average fixes of three years and five years also decreased to 0.04% to 5.16% and 5.14% respectively in the same period.
For fixes in the longer term, the average over all 10-year fixed rate deals fell by no less than 0.06% to 5.51%.
Some of the larger lenders to lower selected fixed rates this week include Barclays mortgage with a maximum of 0.38% and TSB with a maximum of 0.25%.
Many Building Societies also Made Rate Moves This Week, Including West Brom Building Society, Cutting Them by Up to 0.39%, Furness Building Society by 0.30%, Melton Building Society By Up to 0.29%, Dionry Building Up to 0.20%, seemed Building Society by Up to 0.16%, Newcastle Building Society by Up to 0.15%, Monmouthshire Building Society by Up to 0.10%and Darlington Building Society with a maximum of 0.20%.
Moneyfacts Finance expert Rachel Springall says: “Despite the broader stock market Chaos, there has been good news for mortgage lenders, because lenders have cut cuts this week.
“The two-year-old Swap rates are simply shy for their 30-day lows and remain below 4%. It traditionally takes a few weeks for lenders to respond to swap market volatility, but usually as soon as a remarkable brand is moved to lower the mortgage interest, others follow the tend to follow the example.
“There are a few lenders who already offer a mortgage of sub-4% today, but the pool of these could broaden. Barclays and Coventry Building Society were the newest lenders who now offer Sub-4% Deals, but it is important for borrowers to consider the overall package of navigating to navigate to be advisable to borrow to borrowing lenders would be borrowed to navigate lenders to be borrowed to navigate lenders to navigate lenders to navigate lenders to navigate lenders to navigate lenders to navigate lenders to navigate lenders to navigate lenders to navigate lenders to navigate lenders to navigate lenders to navigate lenders. Navigating to navigate to navigate to navigate to navigate to navigate to navigate the right time to revise. “