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Cost of servicing fixed-rate mortgage debt at six-year low

10/03/2010

According to figures from the Bank of England (BoE), the cost of servicing a two-year fixed-rate mortgage debt fell to a six-and-a-half-year low in February, The Independent reports.

The figures revealed that the average cost of a two-year loan fell from 3.97% in January to 3.88% in February - its lowest level since July 2003.

The cost of servicing a five-year fixed-rate mortgage debt also fell, with this dropping from 5.56% in January to 5.49% in February.

Meanwhile, despite the improvement in mortgage rates, the cost of servicing unsecured debt increased or stayed the same in February. The average interest rate charged on credit card debt increased to 16.51% in February - up from 16.37% in January.

It marked the fifth month in a row during which the average interest rate charged on credit card debt has increased or stayed the same.

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