UK Average Two-Year Mortgage Rate Rises 0.04 Points to 5.54 Per Cent While Some Lenders Cut Rates

The average two-year fixed residential mortgage rate reached 5.54 per cent on Tuesday morning, up 0.04 percentage points from 5.50 per cent the previous day. The Independent reported that the daily increase marked the largest jump for this product since 2 April.05 percentage points to 5.57 per cent on Tuesday from 5.52 per cent on Monday, its biggest daily gain since 31 March.

At least 25 lenders increased selected mortgage rates in the last seven days, while only a handful reduced selected products. The moves followed several weeks of gradual declines that had followed an earlier increase tied to Middle East conflict. ” French added that a more volatile world is a more expensive world and that borrowers cannot assume mortgage rates will continue moving in one direction.

Competition between lenders remains strong, he said, but another bout of volatility has quickly brought the latest rate-cutting cycle to a halt.