UK Mortgage Rates Hit 6% for First Time in Three Years
Mortgage rates have surged to their highest level since September 2023, with the average interest rate on a new five-year fixed mortgage deal reaching 6%.
The average interest rate on a new five-year fixed mortgage deal has hit 6% for the first time in three years, figures show. (bbc.co.uk; theguardian.com)
Domestic energy prices also rose by 4% at the start of October, and forecasters have predicted a 16% increase when regulator Ofgem sets its next price cap for January. (bbc.co.uk)
Just over five million homeowners should expect their monthly mortgage repayments to increase by the end of 2028, according to Bank of England forecasts. (bbc.co.uk)
Figures from the HomeOwners Alliance show the monthly cost of a £250,000 loan fixed at 6% for five years is £158 higher than the same-sized loan locked in at 4.94%, which was the average rate reported by Moneyfacts at the start of February. (theguardian.com)
The average rate on a new five-year deal was at its highest since September 2023. (bbc.co.uk)