Average five-year mortgage rate hits 6% for first time in three years
The average interest rate for a five-year fixed mortgage in the UK has reached 6% for the first time in three years. This increase is driven by global economic uncertainty and rising government borrowing costs.
Why it matters
Rising mortgage rates significantly impact housing affordability and the financial stability of homeowners renewing their fixed-rate deals.
Image source, Getty Images By Kevin Peachey Cost of living correspondent Published 12 minutes ago The average interest rate on a new five-year fixed mortgage deal has hit 6% for the first time in three years, figures show.
The cost of home loans has been rising in recent weeks, as lenders face higher costs amid international concern over rising prices, interest rates, and government borrowing costs.
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