Borrowers have been dealt a new blow after five-year fixed rates passed the 6% barrier yesterday.
Moneyfacts data showed the average five-year residential mortgage rate rose from 5.97% on Monday to 6.01% on Tuesday.
Meanwhile. the average two-year fixed rate is currently 6.47%.
This is all likely to put pressure on buyer budgets, feeding into offers and sale prices.
Commenting on the figures, Liberal Democrat Treasury spokesperson Sarah Olney, said: “This is yet more mortgage misery for homeowners on the brink. Prime Minister Rishi Sunak asking homeowners to hold their nerve is sounding more tin-eared by the day.
“It shows this Conservative Government is just totally out of touch. Conservative ministers sent mortgages spiralling through all their chaos and incompetence, now they are refusing to lift a finger to help.”
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