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Five-Year Mortgages Break 6% Barrier
Moneyfacts said sub-5% fixed deals fell to nine as swap-rate rises pushed mortgage pricing higher.
- Average five-year fixed mortgage rates in Britain hit 6% on Monday morning for the first time in over three years, according to Moneyfacts data.
- Rising swap rates driven by higher bond yields and inflation expectations caused sub-5% fixed deals to plummet from 1,494 at the start of September to just nine on Monday.
- Two-Year fixed rates sit at 5.98%, their highest level since September 2023, nearing the 6% threshold and mirroring five-year rate pressure.
- Sarah Tucker, a mortgage expert at HomeOwners Alliance, called the rate hit "a real blow for borrowers" and advised those with deals ending within six months to explore options now.
- Ian Harris, president of NAEA Propertymark, warned that the rapid disappearance of sub-5% deals will force some buyers to reduce budgets or abandon purchases entirely.
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The IndependentReposted by 
The Independent (US)
The Independent (US)Blow to homeowners as five-year mortgages hit 6% for first time in over three years
Two-year fixes are close behind – but tracker deals may present a option for some homeowners
·London, United Kingdom
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The cost of a new fixed-rate mortgage has been rising in recent weeks aslenders face higher costs.
Average five-year fixed hits 6%: Moneyfacts
The average five-year fixed mortgage rate has hit 6% and the average two-year fix is close behind at 5.98%, according to Moneyfacts. Both rates are now at their highest level for around three years, when mortgage costs soared in the aftermath of the Liz Truss…
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Total News Sources10
Leaning Left2Leaning Right0Center2Last UpdatedBias Distribution50% Left, 50% Center
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
50% Center
L 50%
C 50%
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