Mortgage Rates Fall Below 5%
For the first time since September 2022, the average two-year mortgage rate has dipped below 5%.
According to the data, the new average of 4.99% marks a symbolic turning point for the property market and highlights the fact that lenders are now competing more aggressively to attract buyers.
This is welcome news for sellers. Lower mortgage rates mean improved affordability for buyers, making it easier for them to secure the finance they need. More buyers with increased borrowing power can translate into stronger interest in properties, quicker sales and potentially more competitive offers.
The drop in rates follows a series of base rate cuts from the Bank of England over the past year. Although further significant falls are unlikely in the short term, the current climate is already creating a more positive environment for those looking to move. Other industry insiders report that some of the most competitive rates are now as low as 3.7%, which could tempt many buyers who have been waiting for the right moment to act.
The easing of mortgage costs comes at a time when the housing market is proving resilient. House prices have ticked up in recent months and with lenders offering more attractive deals, the pool of motivated buyers is likely to grow. Sellers who bring their properties to market now can take advantage of this renewed momentum before any future changes in interest rates or buyer confidence.
If you have been considering selling, this shift in mortgage rates could provide the perfect window of opportunity. With more buyers able to commit and affordability gradually improving, your home could achieve a strong price and a smooth sale in today’s encouraging market conditions.
Call us today if you would like a conversation and a free valuation.
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