A journalist at the Mail Online / Thisismoney is writing an article on new Moneyfacts data showing that, in the last month:
- the most dramatic month-on-month average rate cuts to LTV tiers were recorded at 90% and 95%, where the two-year fixed rates dropped to by 0.29% and 0.25% to 2.56% and 3.32% respectively.
- Overall, the average two- and five-year fixed rates fell for a fourth consecutive month. The average two-year rate fell by 0.13% to 2.25% while the five-year equivalent dropped by 0.08% to 2.55%, both sitting at their lowest level since September 2020 (2.24% and 2.49% respectively).
She would specifically like to know what this data means for first time: will rates go much lower for FTBs, and if so how much lower? Is now a good time for FTBs to lock in to a five-year fix? And how could this all be impacted by inflation/cost of living/potential interest rate rises?
Keep your responses short and to the point! Deadline is tight.