UK five-year fixed mortgage rate rises above 6% for first time since 2023
Average five-year fixed mortgage rates have climbed to 6.00%, their highest level in three years, according to data from Moneyfacts.
Written by EGazette’s AI. The facts are drawn from cited sources; the analysis is the AI’s own.
The average five-year fixed-rate mortgage in the UK has risen to 6.00%, its highest level in three years, according to new figures from financial information provider Moneyfacts.
The figures show the average five-year fixed rate passed the 6% threshold for the first time since September 2023. The average two-year fixed-rate mortgage has also climbed, reaching 5.98%, its highest point since December 2023.
The rise in fixed mortgage rates affects both people looking to buy a home for the first time and existing homeowners who need to remortgage once their current fixed-rate deal ends. Higher rates generally mean higher monthly repayments for new borrowers.
Moneyfacts compiles mortgage rate data from lenders across the UK market and is commonly used as a reference point for tracking trends in borrowing costs over time.
The increase comes as mortgage holders and prospective buyers weigh how changing borrowing costs might affect decisions about moving, buying a first home, or renewing existing mortgage deals.
Sources
- Tell us: are you affected by the 6% mortgage rate? — The Guardian — Business
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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