Liz Truss and Kwasi Kwarteng
(Picture: Dylan Martinez/PA Wire)Something strange is happening in the mortgage market. And it is not good news for home owners and first time buyers. Despite gilt yields subsiding to levels seen before the now notorious mini-Budget on 23 September, fixed mortgage rates have resolutely failed to follow suit.
Sure, they are down from their peaks - but only just. Today’s data from Moneyfacts shows the average two year fixed rate at 6.47%, unchanged from yesterday and only 18 basis points lower than the peak of 6.65% reached on 20 October. But they stood at just 4.74% when former Chancellor Kwasi Kwarteng stood up to announce his ill fated growth plan.
