Average Mortgage Rate Rises Above 6% For Five-year Fixed Deals

4th July 2023

The average mortgage rate for a five-year fixed deal has risen to 6.01%, according to a financial information company.

Meanwhile, the average two-year fixed rate mortgage has increased to 6.47%, Moneyfacts said.

The previous average for a five-year rate was 5.97% on Monday, while the two-year deal was 6.42%.

Another hike, bringing the rate to 5.5%, is forecast to come on 3 August, when the Bank of England's Monetary Policy Committee meets.

The consumer price index measure of inflation stood at 8.7% in the year up to May.