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Barclays announced today that it was going to cut interest rates on some of its mortgages, because of the general decline in the amount of mortgages being taken and increased competition for such mortgages.
It said that it would reduce the rate on its 3 year fixed mortgage rate, offered by its brand Woolwich, by 0.28%. | | | | Several banks and building societies have reduced rates, slightly, in the last couple of months. The reason for this has also been to do with a reduction in the cost of interest rate swaps, where banks finance their fixed rate deals. These small moves are unlikely to stem the wider trend amongst lenders to keep borrowing costs high in order to conserve capital and ensure maximum profitability per loan. | |
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