Both 2- and 5-year mortgage rates are dropping after hitting a 14-year high on October 20th, according to the latest data from Moneyfacts.
On October 20th rates for 2-year fixes stood at a high of 6.65%, up from 2.25% a year earlier.
The average cost of a 5-year fix also peaked at 6.51%. Equivalent products were priced at 2.55% in 2021.
Moneyfacts data shows that both product ranges are now an average of 0.15% cheaper with 2-year fixes coming in at 6.5% and 5-year options averaging 6.36%.
According to Moneyfacts the best 2-year rates available come from Virgin Money and Coventry Building Society at 5.59% and 5.53%, respectively.
For 5-year fixes Coventry and first direct tie with products priced at 5.34%.
Numerous lenders have been cutting rates this week as stability gradually returns to the economy following the turbulent 44-day premiership of Liz Truss.
Banking heavyweights HSBC and Santander have both made reductions, as have Accord and Virgin Money to name but a few.
