Average mortgage rates fell to a new record low in the second quarter (Q2) of this year, as borrowers rush to secure cheap deals.
Rates dropped to 2.83% from 2.99%, reports the Bank of England (BoE) and Financial Conduct Authority (FCA).
The Mortgage Advice Bureau’s (MAB) Brian Murphy says: “Borrowers are aware that these cut-price rates have a limited lifespan, particularly as we edge closer to an interest rate rise.”1
Interest rates are expected to increase next year.
1 Keogh, P. (2015) ‘Mortgage rates fall to new low’, Metro, 9 September, p.2