The analysis from Moneyfacts shows that, despite interest rate swaps at 2 and 5 years increasing since October, fixed rates have not yet followed suit. Instead, the average 2-year fixed rate has remained relatively static, falling by 0.01% to 2.44% over the past month, while the average 3 and 5-year fixed rate remained unchanged at 2.60 and 2.75% respectively. The average 10-year fixed rate is the biggest mover, decreasing by 0.07% to 2.91% today. The Finance Expert at Moneyfacts.co.uk, said: “It appears that fixed mortgage rates are continuing to be cut despite the rise in interest rate SWAPs, a market that lenders generally use to hedge themselves against future interest rate fluctuations. The significant increase in SWAP rates indicates that markets may now be clawing back a previous factoring of a forecasted Bank base rate cut in the short term. “The current average 2-year fixed rate is 2.44%, however, this average rate reached its historical low of 2.20% in October 2017, so the current drive by some mortgage providers to cut rates could be a conscious strategy to make sure that they retain the borrowers who may be maturing from a very low fixed rate secured two years ago.” For Mortgage Advice in Cambridge, pop into The Mortgage Bureau at Wellington House, East Road, CB1 1BH or call 01223 656412. Your One Stop Mortgage Shop!