Mortgage rates remain historically low
The cost of borrowing remains historically low according to new data released by the Bank of England, the average mortgage rate just 2.09%.
This rate has remained unchanged since the start of 2021. In March of this year gross mortgage lending also hit its highest ever monthly total at £35.6 billion.
Mortgage approvals also remain over 20% higher than the five year average, as interest in moving after the pandemic continues.
Back in 2000 mortgage rates were 7.12% and have slowly decreased over the last twenty years. Hitting 5.52% in 2005, 3.66% in 2015 and 3.14% in 2015.
The bank of England Monetary Policy Committee voted unanimously on 5th May this year to maintain rates at 0.1%, so it’s likely that these low rates will be around for a while.
If you’re looking for more information about your mortgage options then why not speak with one of our Mortgage Advisers or use our Mortgage Calculator to find out how much you could borrow.
Sources: Dataloft and Bank of England
