Mortgage interest rates have fallen below 5% for the first time in five months, according to financial website MoneyFacts. The figures are based on average rates for a two-year fixed rate mortgage.
In the past two weeks, major lenders including Cheltenham & Gloucester and Alliance & Leicester have dropped their interest rates.
Experts at MoneyFacts say the news reflects improving fortunes for borrowers and the economy in general: they say it suggests that lenders are competing to win business, which should in turn encourage more buyers into the market and will provide a vital step on the road to financial recovery.
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