New Two-Year Fixed Rate a Hopeful Sign Market Expert Nick Millican Said

Real estate expert Nick Millican talks about the housing industry. A two-year fixed-rate mortgage at less than 5% recently went on sale in London. It was the first since early summer. It’s a sign that lenders are making a move to attract more customers.

High-profile and noted real estate expert Nick Millican called the 4.99% rate a “significant moment.” He said it may give the U.K. real estate market the booster it needs as it doles out a “ray of light” for borrowers. He hopes things are heading in the right direction.

This new rate offer is a 0.25% point reduction of the previous rate and is hoped to attract new customers who want to “move home.” Nick Millican adds that a sobering counterpoint is that borrowers signing up must come with a 40%-plus equity stake or deposit. 

Additionally, existing customers may be able to take advantage of the 4.99% rate if they switch to a new deal, Nick Millican informs. He said that the Bank of England’s decision to keep rates unchanged at 5.25% for the second time running has many economists predicting that rates will stay near this level for some time to come. 

One outcome may be greater stability in both the housing and mortgage markets.

For real estate professionals kike Nick Millican, seeing a two-year fixed rate that “begins with a 4” is a welcome balm to the soul. Such rates have not been available since June. As for the average of a two-year, that fell to 6.22% recently. That’s down from 6.85%. The five-year fixed rate is 5.81%. That figure also came down from 6.37%.

Real estate expert Nick Millican talks about the housing industry. A two-year fixed-rate mortgage at less than 5% recently went on sale in London. It was the first since early summer. It’s a sign that lenders are making a move to attract more customers.   High-profile and noted real estate expert Nick Millican called the…