The common two-year fastened price residence mortgage and the five-year price have each hit 4.52%, information from Rightmove’s day by day mortgage tracker exhibits.
The final time each phrases converged was in September 2022, earlier than the Liz Truss mini-Budget.
The present July two-year common price of 4.52% is down by one foundation level from the earlier week and is 74bps decrease than a yr in the past.
The five-year 4.52% price common is unchanged from the earlier week and is 35bps decrease than a yr in the past.
The property web site says that, based mostly on the typical asking value of a house, this equates to a month-to-month mortgage cost of £1,518, in comparison with £1,650 final yr – a saving of £132 per 30 days.
This calculation relies on a 30-year mortgage and a 20% deposit.
The common UK home value was £269,000 in May, £10,000 larger than a yr in the past, in line with the newest Land Registry information.
Rightmove factors out that the most affordable mortgage price available on the market is a two-year fastened, at 60% mortgage to worth at 3.69%, the most affordable two-year price since April.
Rightmove mortgage skilled Matt Smith says: “Over the final week, common mortgage charges have remained fairly flat within the build-up to subsequent week’s rate of interest choice.
“Expectations are at the moment set on a reduce subsequent week, and I count on lenders will use this second as a chance to cut back mortgage charges just a little additional.
“Rate drops have been very gradual and regular this yr, however somebody trying to take out a mortgage proper now’s prone to see a notable discount within the price they’d have been supplied this time final yr, notably somebody trying to repair for two years.
“With the typical two-year and common five-year repair at the moment degree, it will seem to solely be a matter of time earlier than the everyday two-year price is cheaper than the five-year equal.”
