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Consumers still opting for fixed rates
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Posted on
Jun 20 2008 4:44 AM
by
adeal
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Legal & General's latest mortgage index shows that consumers are still choosing fixed-rate mortgages despite the cost of doing so rising. Its research shows that three-quarters of mortgages were fixed rates in the second quarter of 2008, up from 57% in Q1. The average two-year fixed rate now stands at 6.51%, up from 5.87% last quarter, with three-year fixes up from 5.84% to 6.99%. The average five-year fixed-rate mortgage now stands at 6.34%, up from 5.82%.
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