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In a promising turn for homeowners, mortgage lenders have responded to signals of easing inflation by slashing their fixed rates. Notably, the average two-year fixed-rate homeowner mortgage has dipped below six percent, marking the first time in almost six months. According to Moneyfactscompare.co.uk, the average two-year fixed-rate fell to 5.99 percent on Friday, down from 6.01 percent the previous day. The last instance of this rate falling below six percent was on June 16, when it reached 5.98 percent. This shift comes after a peak in two-year fixed products at 6.86 percent on July 26.

James Hyde, spokesperson at Moneyfactscompare.co.uk, attributes the decline in rates to a combination of factors, including decreasing inflation, pauses in the base rate, and reductions in swap rates utilized by lenders to price fixed-rate mortgages. Hyde notes that in recent weeks, some lenders have reintroduced sub-five percent two-year fixed deals, with the lowest rates currently available nationwide hovering around 4.75 percent. While the recent rate reductions are welcomed news for homeowners, Hyde cautions that the sustainability of this trend depends on factors such as inflation, the base rate, and swap rates, any of which could prompt a reversal.

In addition to the two-year fixed rates, the average five-year fixed homeowner mortgage rate also experienced a marginal decrease to 5.6 percent on Friday from 5.61 percent on Thursday. The overall availability of homeowner mortgage products saw a slight increase, with Moneyfacts counting 5,766 products, up from 5,764 on the previous day.

Turning attention to the Buy-to-Let market, the average two-year residential mortgage rate dropped to six percent from 6.01 percent on Thursday. Similarly, the average five-year buy-to-let residential mortgage rates saw a decrease to 5.94 percent from 5.96 percent. Notably, the Buy-to-Let market also witnessed an uptick in product availability, with 2,973 mortgage products available on Friday compared to 2,969 on Thursday. As homeowners navigate these shifting dynamics, the mortgage landscape appears to be responding favorably to changing economic indicators.

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