Average mortgage rates have rocketed by around 0.4 per cent in the past fortnight, as swathes of major lenders have put up prices. It is the highest that average mortgage rates have gone since January of this year, when markets were still reeling from the effects of the October mini-Budget. Similarly, the average five-year fixed rate has increased from 5.01 per cent to 5.41 per cent, according to financial information service Moneyfacts. Back in September 2022, the average two-year fix was 4.24 per cent and the average five-year fix was 4.33 per cent. Those coming off a two-year fixed rate deal agreed in June 2021 could have fixed at less than 1 per cent.

Source: Daily Mail June 05, 2023 12:03 UTC