Falling rates for the fourth successive month have prompted almost nine out of 10 mortgage applicants to opt for fixed deals, a three year high, says the index from independent mortgage broker, Mortgage Advice Bureau (MAB).
Using data from more than 500 brokers and 800 estate agents, the National Mortgage Index found average five year fixed rates remain at 4.57%, their lowest point since summer 2007. Both two and three year average rates are also more attractive than at any time in the last nine months.
After six months of growing popularity, fixed deals for purchase are now in sight of the record 92% market share recorded in May 2009. And fixed deals accounted for 89% of remortgage applications, the highest level ever recorded by the National Mortgage Index.
Favourable rates have fuelled the mortgage market