The average mortgage rate for homeowners has reportedly doubled in the last five years, now standing at 4%. This marks the first time rates have reached this level since 2009.
The average mortgage rate for homeowners has reportedly reached 4%, marking the first time it has been at this level since 2009. This figure represents a doubling of the average rate over the past five years.
Most major lenders have reportedly increased their mortgage rates recently. These increases are said to be due to inflation concerns, linked to the war in Iran and fresh rises in energy prices.
What this means for you: Homeowners with variable rate mortgages or those looking to remortgage may see increased monthly payments due to the reported rise in average rates.
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