Posted 1/16/2024, 11:11:00 AM
Mortgage Rates Continue to Fall as Lenders Compete, But Missed Payments Still Damage Credit
- Mortgage rates continuing to fall despite economic concerns, with average 2-year fixed rate now 5.62%
- HSBC, NatWest, Metro Bank and TSB have cut some rates this week
- Analysts expect interest rates to be cut this year, leading to more competition among lenders
- Average 5-year fixed mortgage rate now 5.24%, down from 5.55% at the start of the year but still higher than pre-2021
- Missed mortgage payments mean you're in arrears; lenders must consider requests about changing payments but it can affect your credit rating