Mortgage rates at lowest level for 23 years

According to the financial information service Moneyfacts, interest rates on new mortgage deals have fallen to their lowest level since 1988.

It says this is due to lenders finding it cheaper to raise funds in the financial markets.  However, most mortgage deals still require buyers to put down at least 20% deposit.

Until recently, a rate rise had been expected as soon as September but following a set of weak economic data, as well as the decision by a new member of the Bank’s rate-setting committee to vote for no change in rates, markets now do not expect a rate rise until well into next year.

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