Average five-year fixed mortgage rate hits 6.00 percent, signalling rate increases for buyers

The average five-year fixed mortgage rate reached 6.00 percent, according to data released by the source. Furthermore, the average two-year fixed rate stood at 5.98 percent.
Experts suggest that average fixed mortgage rates returning to three-year highs present disastrous news for borrowers, according to Rachel Springall, a finance expert at Moneyfacts. The number of mortgage deals priced below 5 percent plummeted by 99 percent, leaving only nine options available.
A comparison shows that the monthly cost for a £250,000 loan fixed at 6 percent is £158 higher than the same loan secured at 4.94 percent. Ian Harris, the president of the estate agents’ body NAEA Propertymark, noted that members are observing firsthand how sensitive buyers remain to mortgage rates.
Nationwide building society reported that annual price growth was halved during September.






















































