The average five-year fixed-rate mortgage has fallen from 2.84% to 2.79% in the last three weeks after the five-year swap rate dipped below the two-year rate on the 2nd of August for the first time in 11 years. Darren Cook, a finance expert at Moneyfacts, said: “It seems that interest rate competition has stepped up in the five-year fixed-rate mortgage market, with the average rate falling from 2.84% to 2.79% since the beginning of August 2019. Furthermore, the differential between the average two-year fixed-rate at 2.47% and the average five-year fixed rate at 2.79% has reduced from 0.35% to 0.32% over the same period, perhaps giving the longer-term products a slight edge among borrowers open to either option. “The cut to five-year fixed mortgage rates will be welcome news to those borrowers who are looking to lock into a slightly longer period and may be unsure which direction interest rates will move next amid the ongoing economic uncertainty. What will be certain for these borrowers is that their monthly mortgage repayment will remain unchanged for the next 60 months. “Potential first-time buyers may feel a little hard done by, as the average rate at a maximum 95% LTV has remained unchanged at 3.63% since the beginning of the month.” Now might be a good time to seek advice from a whole of market broker. "Your One Stop Mortgage Shop!" https://local.google.com/place?id=15022266394329617825&use=posts&lpsid=766068087655449454