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Mortgage rates improving `at the expense of savers`

By Matthew Plant - Financial specialist

18 January2010

Mortgage rates have been falling in recent months, but at the expense of savings rates, according to new research from Moneyfacts.

For example, while the average rate on a two-year fixed-rate mortgage has fallen from 5.11% in November 2009 to 4.87% today - a fall of 0.24% - the rate of return on a five-year bond has also fallen, by 0.23%.

Indeed, in all of the examples of mortgages and savings accounts provided by Moneyfacts, rates have fallen since November.

A mortgage expert for Think Money said: "Recent moves by banks have been bad news for many savers, but people looking for a new mortgage or remortgage stand to benefit, so now may be a good time for those people to make a move.

"However, the interest rate is not the only important factor when choosing a mortgage deal, so we advise homebuyers to discuss their options with a mortgage adviser before making any decisions."

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Tags: mortgage, mortgage rates, savers, fixed rate mortgage, five year bond, five year, two year, Moneyfacts, mortgage, mortgage interest rates, UK, latest mortgage rates, mortgage interest

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