"Mortgage Rate Decline Brings Relief and Competitive Deals for Homeowners"

The average rate on a two-year fixed mortgage in the UK has dropped to its lowest in nearly seven months, now at 5.87%, as lenders like Halifax and HSBC cut rates to retain customers. Despite this, many homeowners with expiring fixed-rate deals still face higher payments. The mortgage price war has intensified, with more lenders expected to reduce rates. Meanwhile, mortgage approvals have slightly increased, indicating a modest rise in buyer confidence. Economists predict the Bank of England may cut interest rates starting in May, which could further impact the housing market and savings returns.