The pace of mortgage rate changes has slowed in the last few days, a sign that pricing may be stabilising, a financial analyst said.
After reporting the first fall in average rates since March, Moneyfacts revealed that the average two-year fix was 5.9% and the average five-year fix was 5.78%, both up by just 0.01% since the previous working day.
There were more residential mortgages available compared to the previous day, up from 6,302 to 6,510.
On the buy-to-let (BTL) side, the average two-year fixed rate was unchanged at 5.46% and the average five-year fixed rate fell slightly from 5.77% to 5.76%.
There were 4,845 BTL deals available as of 10 April, up from 4,815 the day before.
Caitlyn Eastell, personal finance analyst at Moneyfacts, said: “Rates may now be approaching their peak, with lenders slowing down the pace of recent increases. The longer the ceasefire holds, the better. So far, overall sentiment has improved, reflected in easing swap rates and fewer expectations for base rate hikes. However, lenders remain cautious and their attention will be turned to the upcoming base rate decision.
The growth of ‘just-off-high-street’ lending
Sponsored by Pepper Money
“While it’s encouraging to see product choice gradually returning, affordability constraints continue to limit access to homeownership for many borrowers.”
In the last few days, Vida, Skipton Building Society, Leek Building Society and Keystone Property Finance have been among the lenders that have reduced mortgage rates.