Nationwide cuts mortgage rates by up to 0.25%

Temperatures aren't the only things hotting up! Nationwide are reducing their rates further to tempt borrowers off the beach. As markets stabilise we will see some more of this in the coming weeks.

Welcome news from Nationwide and others who have recently cut rates, as Swaps have melted in the heat this week, allowing lenders to pass on these savings. As always, the recommendation is to pick up a new deal as soon as possible, as the Middle East conflict can flare up at any time, and a change of prime minister can cause market jitters as well. No need for oven gloves just yet, rates are just starting to warm up again.

It's 36 degrees outside and mortgage rates are coming down. This is about as good as it gets in the UK - which is precisely why borrowers should be acting now, not waiting to see what happens next.

We're getting a new Prime Minister. The Iran conflict is ceasefire on paper, knife edge in practice. The market is moving in the right direction today - but any of those factors could change the picture within weeks. If the deal stacks up now, there's no logic in holding out for better. Nobody predicted record June temperatures either.

Make hay while the sun shines. Right now, it's blazing.

With oil returning to pre conflict levels and the markets reacting positively, we could see further cuts by major high street players in the days to come.

Nationwide are cutting fixed rates by up to 0.25% from tomorrow and while that might not sound like cause for celebration, it is part of a broader repricing across the market as swap rates fall in anticipation of further Bank of England cuts. Fixed rates are priced on where money is going, not where it is today, which is why lenders are moving now.

That said, waiting for the "perfect" rate is a bit like waiting for a quiet day on the M25, which is theoretically possible, but nobody has ever actually seen one. If your fixed rate deal is ending soon, now is the time to act.

Nationwide has just announced that it is lowering its rates again after its last set of price cuts on the 16th June. The bigger lenders are improving their rates more frequently at the moment, which is good news for home buyers and the banks and building societies existing mortgage customers. Nationwide already had the cheapest two and five-year fixes but the lender is lowering its prices again hot on the heels of Barclays which dropped its rates twice in the space of a few days. Hopefully a few other big lenders will do the same thing soon.
Nationwide’s two year fix is coming down from 4.29% to 4.19% and its three-year fix is coming down from 4.49% to 4.44%. The five-year fixes now start from 4.31% which is pretty good. These rates are still not as low as the best trackers starting from 3.96% but they seems to be getting closer every few days with all of these rate cuts. A change of prime minister is bringing more economic instabiltuy but hopefully it doesnt hit the mortgage market.

Nationwide cutting selected fixed rates by up to 0.25% is a welcome boost for buyers and homeowners. With markets still reacting to inflation, interest rate expectations and global economic news, lender pricing can move quickly. If you’re buying, moving or remortgaging, it’s worth reviewing your options now. Overall any reduction is good news for the current housing market and wider economy