Barclays, Santander Launch Sub-4% Mortgage Rates

Several major lenders, including Santander and Barclays, have introduced mortgage rates below 4% for the first time this year, following a cut in the Bank of England's base rate. Santander has launched four new sub-4% mortgage options for both residential purchase and remortgage, starting at 3.99% with various fees depending on the product. Similarly, Barclays has released a five-year fixed premier deal at 3.99%, alongside reductions in its green home mortgage rates. These changes come amid a broader landscape where average mortgage rates, such as the 30-year fixed rate, remain around 6.92%, slightly up from the previous week, reflecting ongoing fluctuations in the housing market. Experts suggest that prospective buyers should compare multiple options to secure the best rates amidst these changes. Overall, the mortgage market is experiencing a mix of declining rates for certain products while still maintaining higher averages for standard loans.