Encouraging swap rate data suggests that greater buyer affordability is on the horizon.

Mortgage rates are projected to decrease as lenders benefit from cheaper funding, following a drop in average swap rates.

Jonathan Samuel from Octane Capital states, “We’re already seeing swap rates start to reduce in anticipation of a potential base rate cut, and we expect this trend to continue as the next Bank of England decision approaches.”

Mortgage market swap rates indicate the cost lenders must pay financial institutions to secure fixed-rate funds, which are used to mitigate short-term risks associated with fixed-rate mortgages.

These rates are generally based on government bonds, known as Gilt yields, which reflect market expectations for future interest rates.

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*Information sourced & for full article visit Property Reporter 

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