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Typical fixed rate deals are now less than 5% – but don’t expect them to get lower anytime soon
Every Friday, we take an overview of the mortgage market with industry experts and round up the best rates with Moneyfactscompare.co.uk.
Typical two and five-year fixed rate deals are sitting at less than 5% for the first time in more than two years – but borrowers have been warned that recent falls could start to go into reverse.
The average rate for a two-year fix is now 4.97%. For a five-year deal, it’s 4.99%.
Rates have been edging down slowly over recent months, marking positive news for borrowers coming off high two-year fixes, and first time buyers.
But they’re still higher than they were five years ago, meaning those coming off longer term fixed deals are likely to face more expensive bills.
Those thinking that they’ll get a lower rate if they wait a little longer might want to reconsider after reading what several experts had to say.
While economists are still expecting the Bank of England to cut the base rate again in November, brokers are anticipating mortgage rate cuts to slow or stall completely due to higher-than-expected inflation.
Is now the time to fix?
“Reductions have tended to come in small increments, but we could see that slow further or even reverse in some cases if the market reacts badly to the threat of higher inflation than was previously expected,” said David Hollingworth, associate director at L&C Mortgages.
“It does therefore look as though taking a fix now could be a good move. It will secure the rate and avoid losing out if they do tick back up a little, but should still give the chance to switch to a lower rate if further reductions feed through before the new deal completes.”
He said most borrowers opt for a fixed deal, but with the difference between the average two and five year rates being so close, the key issue is deciding how long to fix for.
The reason they are so close, he said, is due to expectations that the base rate may have a little further to fall, and could ultimately bottom out and remain pretty stable for the medium term.
“Rather than be drawn to the lowest monthly payment it’s always worth considering whether additional security could suit your circumstances better,” he said.
“No one knows what will happen to interest rates so it could give greater peace of mind and remove concern over fluctuating payments. It also avoids the need to review the deal every couple of years and any fees that could come with that.”
Peter Stimson, director of mortgages at lender MPowered, said the jump in inflation would “slam the door” on the chance of any meaningful reductions in the coming weeks.
“Competition between lenders is intense, but mortgage rates may well have fallen as far as they can for now. They may even creep up over the next month or so as lenders recalibrate in response to rising swap rates.”
Ranald Mitchell, director at brokerage Charwin Mortgages, said lenders have been keeping the market competitive, but stubborn inflation means they can only go so far.
“For millions of homeowners, that means remortgage deals won’t be getting much cheaper anytime soon,” he said.
Barclays was one of those lenders heating up the rate war this week, reducing rates for borrowers with large deposits to as low as 3.79%.
In the buy-to-let market, cuts to fixed rate deals were made by a handful of lenders, with many of the larger reductions coming from challengers and mutuals.
Coventry Building Society reduced fixed rate mortgages by up to 0.38% and the Mortgage Lender by up to 0.5%.
While the average two year buy-to-let deal has fallen to less than 5%, the five-year rate is still sitting above that threshold at 5.21%.
Adam French, head of news at Moneyfacts, said: “It is promising for landlords to see mortgage costs falling. However, the latest CPI inflation reading of 3.8% has effectively shut the door on the chances of another base rate cut this year.
“As a result, a few modest mortgage rate reductions are the best they can probably hope for in the short term as lenders adjust to the prospect of higher rates for longer.”
Here’s a look at the lowest rates currently on the market for landlords…
For those looking to save on the upfront cost of a deal, a best buy deal might be a good option.
Moneyfacts rounds up the best ones here…
The wildlife season is just around the corner, and we are excited about that. But this time, we are not here for that. For nature lovers, India’s diverse landscapes do not disappoint. Here we are looking at experiences beyond wildlife safaris, from lush valleys to serene backwaters. The winter months will provide perfect weather for exploring the outdoors. Here are eight exceptional nature trips across India to plan before the year ends.
Mawlynnong, Meghalaya
From Shillong Airport, Mawlynnong is located just 90 km. Also known as Asia’s cleanest village, Mawlynnong’s forests, waterfalls, and living root bridges are some of the best things you will experience in Northeast India. Not to forget, winter is the time when Dawki River (located just 30 km from Mawlynnong) is at it’s best form. Crystal clear water of Dawki River will leave you mesmerised. When in Mawlynnong, stay in village guesthouses. They are budget-friendly, and will let you have authentic traditional stay experience.
Dandeli, Karnataka
Located just 125 km from Goa Airport, Dandeli is nestled in the Western Ghats’ foothills. Its dense forests and Kali River offer adventure and serenity. Its flat terrain and riverine landscape are photogenic, perfect for the ‘gram.’ If you can, take out time to go rafting on the Kali River, or trek to Kavala Caves.Bhitarkanika National Park, OdishaLocated just 150 km from Bhubaneswar Airport, this mangrove ecosystem and wetland, spans 672 sq km. It offers serene boat rides through creeks and sightings of crocodiles and migratory birds. Bhitarkanika is a beautiful mix of wildlife and offbeat travel. Cruise through mangroves, spot estuarine crocodiles, or visit the Olive Ridley turtle nesting site at Gahirmatha.Gokarna, KarnatakaGokarna is located approximately 150 km from Goa Airport. It’s a quieter alternative to Goa. Gokarna’s pristine beaches and coastal cliffs offer a laid-back nature escape, far from the hustle and bustle of an over-crowded (and expensive) tourist trap. Here’s what to do in Gokarna: Relax on Om Beach, trek to Kudle Beach, or visit Half Moon Beach for solitude. The Mahabaleshwar Temple is a beautiful addition to your serene coastal holiday.
Top 6 Places To Spot Black Panthers In India Travel and Leisure Asia
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New Delhi: For the first time since 2001, excluding the Covid-19 years, the number of Indians visiting the United States has fallen as 2.1 lakh Indians travelled there in June 2025, which is an 8 per cent drop compared to 2.3 lakh in the same month last year, according to the US Commerce Department’s National Travel and Tourism Office (NTTO).
The downward trend seems to be continuing in July as well, with provisional data showing a 5.5 per cent decline compared to July 2024.
This slowdown is part of a broader global trend. NTTO data shows that overall international arrivals to the US also fell, with a 6.2 per cent drop in June, 7 per cent in May, 8 per cent in March, and 1.9 per cent in February.
Only January and April saw increases of 4.7 per cent and 1.3 per cent, respectively.
India continues to be the fourth largest source of international visitors to the US. Since Canada and Mexico share land borders with America, India ranks as the second largest overseas market after the UK, followed by Brazil in fifth place.
Together, these five countries contributed nearly 60 per cent of all international arrivals to the US in June.
Traditionally, Indian travellers to the US include students, business professionals, and those visiting friends and relatives.
Leisure travel to America has always been less popular compared to destinations like Southeast Asia, the Middle East, and Europe.
The current slowdown is being seen most clearly among students, though experts believe that business and family visits could also be affected if visa delays and constraints continue.
The Indian diaspora in the US is strong, with over 50 lakh people, which has generally ensured a steady flow of travel.
In fact, NTTO data shows that every June since 2001 had recorded higher numbers than the year before — until now.
April this year had been a positive month for Indian travellers overall, with 29 lakh people flying abroad.
The UAE was the top destination, followed by Saudi Arabia, Thailand, Singapore, and the US.
(Except for the headline, this article has not been edited by FPJ’s editorial team and is auto-generated from an agency feed.)
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