Fixed mortgage rates are on the decline, reversing their previous upward trend, according to data from financial information website Moneyfactscompare.co.uk.
The average two-year homeowner mortgage rate dropped to 6.79% on Thursday, down from 6.81% the day before. Similarly, five-year fixes fell to 6.31% on Thursday, a decrease from 6.33% on Wednesday.
This marks the first time since May that both two and five-year fixed-rate mortgages have fallen compared to the previous day.
The recent slowdown in inflation has provided a glimmer of hope for mortgage borrowers under pressure. The Office for National Statistics revealed that the Consumer Prices Index fell to 7.9% last month, down from 8.7% in May.
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