Biggest fall in average two-year fixed mortgage rates since 2022

14th February 2024

The average two-year fixed mortgage rate on the market saw its biggest month-on-month fall since December 2022 in February, according to Moneyfacts.

The average two-year fixed-rate mortgage had a rate of 5.56% at the start of February 2024, down from 5.93% at the start of January this year. This 0.37% fall was the biggest monthly decrease recorded by the financial information website since December 2022.

The data shows that average mortgage rates on the overall two- and five-year fixed rate deals fell for a sixth consecutive month.

The overall average two- and five-year fixed rates fell between the start of January and the start of February, to 5.56% and 5.18% respectively. The average two-year fixed rate stands 0.38% higher than the average five-year equivalent.

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