Moneysupermarket reports fall in fixed rate mortgages

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Moneysupermarket reports fall in fixed rate mortgages

The average interest rate for a two-year fixed-rate mortgage is now at its lowest since March 2009, according to analysis from Moneysupermarket.com.

Data from the price comparison site shows that fixed-rate products have fallen significantly since the Bank of England dropped the base rate to the record low of 0.5 per cent.

The average rate on a two-year product now stands at 4.25 per cent, while three-year fixed rates are at their lowest since December 2010 with an average of 4.80 per cent.

"It's great to see fixed rate mortgage rates coming down and we are now seeing average rates falling to their lowest levels in several years," commented Clare Francis, Moneysupermarket.com's mortgage spokesperson.

She added that homeowners who decide to take out a fixed-rate mortgage now can protect themselves from the base rate rising, with some economists predicting this will not happen until 2012 at the earliest.

Earlier this month, the Bank's Monetary Policy Committee voted to keep the base rate at 0.5 per cent for the 27th consecutive month. According to the minutes of the meeting, seven committee members were in favour of the hold and two sought to increase interest rates.

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