Average two-year tracker rate breaks 2% barrier

Source: Moneyfacts.co.uk

Over a week has passed since the Bank of England base rate dropped to 0.25% – its lowest level in over 300 years – and it's had a swift impact on the mortgage market. Activity has seen a definite spike and mortgage rates have been cut across the board, As a result, the average two-year tracker rate has just broken the 2% barrier for the first time on record.

This isn't the only area to have benefited from recent events, either – rates in the fixed sector have seen a similar surge in activity in recent weeks, resulting in the average two-year fixed mortgage rate edging down to a new record low of 2.47% (down from 2.54% six months ago and a drop of 0.21% year-on-year).

Read the full article at: http://moneyfacts.co.uk/news/mortgages/average-two-year-tracker-rate-breaks-2-barrier/