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 Norwich, pop into The Mortgage Bureau at Cavell House & Austin House, Stannard Place, St Crispins Rd, NR3 1YE or call 01603 624623. Your One Stop Mortgage Shop!