Mortgage rate cuts stall as average two-year fix holds at 5.78% and five-year edges up to 5.70%

Moneyfacts said the average UK two-year fixed rate held at 5.78% this week and the five-year nudged up to 5.70%, with Lloyds and Scottish Building Society trimming by up to 24bps but Skipton and United Trust Bank lifting prices, including a 140bps jump at UTB. Swap rates have stopped falling, so lenders are pulling cuts that no longer pay back. For buyers planning to fix, headline rates have settled in the 5.7-5.8% range. April CPI on 20 May and the next Bank of England decision on 18 June will set direction from here.