The average cost of a five-year fixed-rate mortgage has hit the 6% barrier for the first time in three years.
Figures from financial information provider Moneyfacts show the average is now 6.00%, its highest point since September 2023, while the average two-year fixed rate is 5.98%, its highest since December of the same year.
Why rates are rising
Jitters in the money markets have made the loans more expensive for lenders to offer.
The rise comes as homeowners and potential buyers face higher borrowing costs, with the increase affecting those looking to buy a house or move.
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