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Five year fixed rates
Nat West and Santander have both announced increases to their medium term fixed rates after the cost of five year swap rates spiked. There has also been an increase in some three year fixed rates.
These fixed rates are typically 1% higher than April 2013 and this had already prompted other lenders to alter mortgage pricing.
Barclays increased some of its five year fixed rates at the end of January while other lenders including Yorkshire BS, Norwich & Peterborough BS and Chelsea BS have also raised rates in this on medium-term mortgages.
Is this a sign that historically low mortgage rates are coming to an end ahead of a possible increase in the Bank of England base rate either later this year or next year?
Post courtesy of Mortgage Solutions.