Average Five-Year Fixed Mortgage Rate Reaches 6%
UKPulse Property Desk
The average cost of a five-year fixed-rate mortgage has reached 6% for the first time in three years, according to financial information provider Moneyfacts.
- The average five-year fixed-rate mortgage is now 6.00%.
- This is the highest point for five-year fixed rates since September 2023.
- The average two-year fixed rate is 5.98%, its highest since December 2023.
Figures from financial information provider Moneyfacts show that the average cost of a five-year fixed-rate mortgage has reached the 6% mark. This is the first time it has done so in three years, making it the highest point since September 2023.
The average two-year fixed rate has also seen an increase, now standing at 5.98%. This represents its highest level since December 2023.
What this means for you: The rise in average mortgage rates may affect your plans to buy a house or move.