"Swaps rates have fallen on the anticipation that rate cuts, which whilst not necessarily imminent, are now seemingly ‘nailed on’ for later in the summer"
- Matt Surridge, sales director at MPowered Mortgages
MPowered Mortgages has reduced rates across its two and five-year fixed rates for the second time in a week.
Rates now start from 4.37%, down from 4.59%, for five-year fixes and 4.67%, down from 4.84 for two-year fixed rate purchase mortgages with a £999 fee.
Last week, MPowered reduced rates by up to 0.65%.
Matt Surridge, sales director at MPowered Mortgages, commented: “Following the Bank of England decision last Thursday to hold rates, swaps rates have fallen on the anticipation that rate cuts, which whilst not necessarily imminent, are now seemingly ‘nailed on’ for later in the summer and that the UK and US interest rate policy is now increasingly likely to diverge.
“The swap markets are moving at pace at present and it is important that as a responsible lender we are able to react and pass on any savings we can to borrowers. I’m therefore really pleased we are one of the first, if not the first to cut rates this week having already cut rates once in the past week.”
