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The average rate on new five-year fixed mortgages has reached 6%, while buyers and borrowers due to renew have fewer deals priced below 5% to choose from.
What has changed? · 06/10/2026, 19:59 UTC
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The average rate offered on new five-year fixed mortgage deals has reached 6% for the first time in three years, the BBC reports. The average for new two-year fixed deals is 5.98%, according to figures from financial information service Moneyfacts cited by the BBC. [1]
Moneyfacts says about 1,500 deals priced below 5% have disappeared since the start of September. The BBC says home-loan costs have risen in recent weeks as lenders face higher costs amid international concerns about prices, interest rates and government borrowing costs. [1]
Borrowers already on a fixed-rate mortgage will not see that rate change before their deal expires. The rates now being offered matter when they take out a mortgage or choose a replacement deal. [1]
1 listed sources · explore evidence, limitations and provenance.
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