[ad_1]
Moneyfacts showed that the average two-year correction rate remained at 5.33% this week.
The average 10-year fixed rate rose six basis points from 4.97% to 5.03%.
The average three-year fixed rate rose three basis points to 5.19%, while the average five-year fixed rate fell two basis points to 4.98%.
Corrections in two years
The biggest change in average two-year fixed rates was a loan-to-value (LTV) ratio of 65%, with the average rate rising from 5.68% on February 24 to 5.83% today (March 3).
Meanwhile, the average 70% LTV rate fell six basis points from 5.58% to 5.52%, while the 80% LTV fell five basis points to 5.37%.
Corrections for three years
The biggest gain seen here was 65% LTV, which rose 17 basis points from 5.80% to 5.97% by the end of the week.
The average 70% LTV rate also increased from 5.33% to 5.45%.
Five year fixes
The five-year average correction showed a slight decrease, with the largest average rate decrease at 50% LTV, when rates changed from 5.26% to 5.20%.
The average 75% LTV rate also fell four basis points from 4.89% to 4.85%.
fixes for 10 years
The biggest change seen here was the average LTV rate of 60%, which jumped 10 basis points from 5.01% to 5.11%.
Meanwhile, the average LTVs of 65% and 70% also increased by seven and six basis points to 6.86% and 4.22%, respectively.
Moneyfacts financial expert Eleanor Williams comments: “As you might expect as a new month begins this week, we are seeing an influx of vendors making upgrades to boost yields and SVR rates, including from brands like first direct, Vida Homeloans. and Virgin Money, as well as various joint ventures including the Leeds Building Society, the Cumberland Building Society and the Cambridge Building Society.
“For the most part, mortgage lenders continue to make positive changes to residential ranges, with some providers becoming more competitive and various new deals hitting our top charts this week.”
“There have been several notable rate cuts this week, including Bath Building Society cutting 1.15% on various fixed products, while AIB has also cut to 1.15% on a number of its fixed rates. TSB has also cut rates significantly by as much as 0.80% on a number of its fixed offerings. Hodge also made some positive moves this week, with its RIO and 50+ trades down to 0.40%. LiveMore Capital, Generation Home and Bluestone Mortgages were among the vendors that upgraded and upgraded their mortgage ranges.”
“This week, some providers have changed their rates in the opposite direction. This morning, the National Building Society increased fixed and variable rates for trackers by a maximum of 0.21%, and this week HSBC also increased fixed rates for selected products to 0.13%. The Suffolk Building Society balanced a flat rate cut to 0.30% with an increase to 0.20% on some of its discounted and variable rate deals, and the Nottingham Building Society increased a number of its fixed offers by 0.19%.
“While the trends are still mostly favorable for potential borrowers, it will be interesting to see if this holds up in the coming weeks.”
[ad_2]
