Fixed mortgage rates hit grim new milestone as homeowners consider different options

• Average five-year fixed mortgage rates in Britain reached 6 per cent on Monday for the first time since September 2023.
• The number of sub-5 per cent mortgage deals has fallen by 99 per cent since the start of September, leaving only nine on the market.
• Rapidly rising wholesale funding costs and swap rate volatility driven by inflation expectations forced lenders to pull cheaper deals.
• Average two-year fixed rates rose to 5.98 per cent, marking their highest point in over three years.
• Borrowers are increasingly considering base rate tracker mortgages as variable rate options remain comparatively stable.

IN FULL

Blow to homeowners as five-year mortgages hit 6% for first time in over three years