Tuesday, June 18, 2024

Mortgage rates: Average two-year fix now above 6%

A TYPICAL two-year fixed mortgage deal now has an interest rate of more than 6% for the first time since December reports the BBC.

Mortgage lenders have been putting up rates and pulling deals at a rapid rate in recent weeks, driving up costs for homeowners seeking new deals.

Recent high inflation and strong pay growth figures mean interest rates are now expected to rise by more than expected, pushing up borrowing costs.

Interest rates have risen 12 times since 2021 to try to slow price rises.

On Monday, the average rate for a two-year fixed-rate mortgage stood at 6.01% according to the financial information service Moneyfacts.

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