UK average five-year fixed mortgage rate hits 6% for first time in three years
Summary
The average five-year fixed mortgage rate in the UK has reached 6%, the first time in three years that it has hit this level. This increase follows rising costs for lenders due to turmoil in bond markets and increased expectations of a base rate rise. Banks and building societies have raised mortgage rates in recent weeks. Two-year fixed rates are also approaching similar levels, while tracker deals may offer an alternative for some homeowners. The current rate reflects ongoing financial pressures on the housing market.
Latest: On 5 October, the average five-year fixed mortgage rate in the UK reached 6%, the first time in three years that it has hit this level.
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How it unfolded
Monday 5 October
On 5 October, the average five-year fixed mortgage rate in the UK reached 6%, the first time in three years that it has hit this level.